Paystack Reacts as NIBBS Orders Banks to Disconnect Flutterwave, Others From Apps, Other Channels.
Paystack has asked its customers to be calm following a recent directive by NIBBS for banks to disconnect non-deposit financial institutions Paystack said it developed a relationship with a commercial bank to process payments The development comes as the NIBBS circular says banks should take down the companies from fund transfer channels.
“Hi, team, we wanted to reassure you that the recent NIBSS circular does not impact Paystack-Titan or any other Paystack services. We developed Paystack-Titan in partnership with Titan Trust Bank in a way that allows the service to operate compliantly, and it passed review from NIBSS.”
Legit.ng reported that a circular from the Nigeria Interbank Settlement System (NIBBS) had instructed commercial banks to disconnect every non-deposit financial institution from NIBBS Instant Payment (NIP) fund transfer channels. The affected financial institutions include switching firms, payment solutions service providers, and super agents. The NIP fund transfer channels include USSD, Mobile banking apps, PoS, ATMs, and web and internet platforms.
