Nigeria Central Switch – Advanced real-time payments platform(nibss-plc.com.ng) |
Nigeria Central Switch – Advanced real-time payments platform(nibss-plc.com.ng) |
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.