This directive was communicated through a notice dated December 7, 2023, and signed by Ngover Ihyembe-Nwankwo, Executive Director of Business Development at NIBSS.
The circular explains that the directive aims to tackle regulatory concerns related to non-deposit-taking financial institutions (NDTFIs) holding customer funds.
The NIBSS specifically instructs banks to delist all financial institutions which fall under these categories from their NIP outward transfer channels only, adding that the restriction does not apply to inward transfers.
