Nigerian Fintechs Move to Reassure Users to Disregard Misleading Details From Publications Circulated by The NIBSS 

In response to the dissemination of misinformation surrounding a regulatory clampdown, Nigerian fintechs are moving quickly to reassure their users to disregard misleading details from publications circulated by media sources regarding NIBSS recent policy changes.

Recall that in a mandate by the Nigeria Interbank Settlement System Plc (NIBSS), last week, Nigerian banks were instructed to disengage all non-deposit-taking financial entities from their Nigerian Interbank Payment (NIP) outward fund transfer channels.

Part of the circular reads,

• “This is to bring to your attentions that Listing non-deposit-taking financial institutions such as Switching Companies (Switches), Payment Solution Service Providers (PSSPs), and Super Agents (SA) as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers and Taxes in Nigeria dated February 2014.”

The policy enforcement suggested that it would result in the removal of Fintech platforms without banking licenses from the fund transfer channels of banks.

The NIBSS circular however triggered misinformation in Nigeria’s public space. In a bid to reassure users of the impact of the circular, several Nigerian Fintechs have come out to disclose that the circular has zero impact on their operations.

Here is an overview of some reactions from some Nigerian fintech reassuring their customers of zero impact as regards the circular;

Nigerian fintech unicorn, Flutterwave wrote, 

“The recent NIBSS circular has ZERO impact on our services because we are not deposit-taking like a bank. We are a licensed Switching and Processing company & an International Money Transfer Operator – this means our services remain unaffected, and we will continue to deliver best-in-class excellence to you, our customers. We are connected to NIBSS for the purpose of outward money transfer in Nigeria. Rest assured, we are open for business as usual”.

Piggyvest wrote on X,

“Kindly note that Piggyvest is not affected by the recent NIBSS circular. Please disregard the misinformation. All Piggyvest virtual account numbers are provided by our licensed partners and do not fall into any of the listed categories. Your funds remain safe”.

Cowrywise wrote,

“Please disregard misleading details from publications circulated by media sources regarding NIBSS’s recent policy changes. The changes do not affect Cowrywise in any way, and your funds are safe and accessible as always.”

Other Nigerian fintech companies, such as Moniepoint, Opay, PalmPay, VFD Microfinance bank, Nomba, and paystack, have also reassured customers that the NIBSS memo has no impact on their services.