The agency wey dey regulate inter bank service for our country we dem name be Nigeria inter bank settlement system (NIBSS) don give direction to all deposit money banks, merchant banks, switches, mobile money bank, payment services bank, micro finance bank, mortgage bank and others to delist them as the beneficiary on NIP fund transfer channel because it contravene the CBN guidelines on electronic money transfer.
Do you know one of the problem of been in Nigeria, they kill almost every living been in the country with their policy and when they want to establish a policy, they don't take any precautions or any measure to protect the people, they do it in harsh manner and hence the reason why investors are running away from doing business here in the country. Why on earth will the government force them out when they know that they are helping almost most of the internet banking in the country, like if NIBSS should exit they are going to provode another solution for the banks, it's a shame they that CBN don't like innovation, they want us to go back to to late 60 and 70s commercial banks network.
In summary, if you get money inside any of the above affected platforms, you no need to worry because your funds dey save. You fit transfer out but you no go fit fund again if dem implement the rules. Opay, Kuda, palmpay, chipper cash and other mobile banking apps wey we dey use for fast transaction dey affected from this circular but in another development, Opay verified Twitter handle posted that they're not affected with this directive.
https://twitter.com/OPay_NG/status/1732738222533312912?t=sPxBe3Ren9L3NhIHlehjzw&s=19To some extent, the directive make sense because e go protect us from scams because some of this online banking platform are out there to with one kind motive. But on the other hand, this directive is planing to push us back to traditional and financial banks killing us charges for everything and e no go too favor us for crypto space. How una see this matter?
In as much as I like Opay service and I have always used them for all my banking service, I think I need to trade careful with amount I'm having on the wallet. I will move out most of it to my account as CBN want us to used commercial banks
. Opay might be right about not connected to NIBSS but for the sake of unforeseen circumstances, it's better to avoid this money operators for now just to be safe because they don't have branch in some places and the way their services has been going for maintenance is another red flag to move out your money quickly especially that Kuda bank, they have been having issues since 2021 so abort while it's still fresh.
