
Nigeria Central Switch – Advanced real-time payments platform - DJN
https://nibss-plc.com.ng/services/ncs/
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DJN
From the article: “NIBSS Instant Payment is so far, the most innovative and
revolutionary e-payment solution designed by NIBSS to service the banking
industry. NIP is the first and only point to point funds transfer service that
guarantees instant value to the beneficiary. Nigeria is the only country in
Africa and essentially, the world to have deployed such a solution.”

From first hand use, the platform delivers sub 30 second Interbank transfers,
serves over 180 million people across Nigeria, complete with 2-factor
security, and SMS notifications to both parties. The transaction cost is N100
(USD 0.33) and it has been operational since 2011.

It makes you wonder if the $15-$30 wire transfer fees in the US is a severe
case of regulatory capture.

