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List of financial institution to be taken down from funds transfer channels as Opay reacts



The Nigeria Inter-Bank Settlement System (NIBSS) has directed banks to remove non-deposit-taking financial institutions from their transfer lists.

In a circular to deposit money banks, merchant banks, switches, mobile money operators, and other financial institutions, financial institutions that are not permitted to hold money (non-deposit financial institutions) are to be removed to the list of NIBSS  Instant Payment (NIP) Outwards System.

Opay speaks on NIBSS new directive

Meanwhile, Opay has come out to denial claim that it is included in the list of affected financial institutions.

In a statement reacting to reports of being taken down from fund transfer channels the company said:

“We wish to state that OPay is not affected by the recent circular published by NIBSS. The focus is on Payment Service Solution Providers, Switches and Super Agents.

OPay is a Mobile Money Operator (MMO) licensed by the CBN and insured by the NDIC. Your funds are safe and secure with OPay.”

This is the list of the non-deposit financial institutions in Nigeria to be taken down from fund transfer channels.

  • Accelerex Network
  • Itex Integrated Services Limited
  • Innovectives Kesh
  • Flutterwave Technology Solutions Limited
  • Interswitch Limited
  • First Apple Limited
  • 3Line Card Management Limited
  • Paystack Payments Limited
  • Team Apt
  • Kadick Integration Limited
  • Venture Garden Nigeria Limited
  • Arca Payments Company Limited
  • QR Payments
  • Cyberspace Limited
  • Vas2nets Limited
  • CrowdForce
  • Microsystems Investment and Development Limited
  • Bud Infrastructure Limited
  • Koraypay
  • Capricorn Digital
  • NetApps Technology Limited
  • SPay Business
  • Yello Digital Financial Services
  • Nomba Financial Services Limited
  • Woven Finance
  • Paysure Technologies Limited
  • Leadremit Limited
  • Habaripay
  • Irofit Technologies Limited
  • Nip Virtual Bank
  • NibssUSSD Payments