NIBSS Revolutionalising the Cashless Initiative in Nigeria...

The Nigeria Inter-Bank Settlement System (NIBSS) was created in 1993 and is owned by all licensed commercial banks including the Central Bank. Over the years it has been geared towards making the payment experience easier for the Nigerian financial customer regardless of their bank or platform used. In its bid to promote ease of payment and security of funds, NIBSS has heavily supported the cashless initiative in more ways than one.

The just concluded Cashless Quest sponsored by NIBSS is one of such endeavors aimed at sensitizing the general populace on the cashless initiative and its use. The competition involved participants responding to questions and advancing from one level to the other. The competition was entirely online and enjoyed massive interaction on various social media platforms.

 Moving away from the age of usual game shows where the prize money won had to be displayed in huge fake cheques or in some cases real cheques, NIBSS in the light of promoting the cashless initiative utilized one of its own creations – the NIBSS Instant Payment (NIP) – in remitting the winnings of 200,000 to the first place winner (Ola Dunni) and 50,000 naira to the runner ups(Jaycee French and kinboye julius) respectively.The payment scheme made it easy for the winners who were from various states across the federation (lagos, abuja and ondo)to receive their prizes instantly.

With the advent of an initiative such as the cashless quest, NIBSS sets a bar in many ways to define how awareness for an initiative as important as the cashless policy can be generated and also for how Nigerians in general can make payments of all sorts without having to worry about the hassle that comes with handling cash.

A huge congratulations to the winners of the third episode of the Cashless Quest tagged “Search for the Shield”. Here’s to winning cashless and pushing the gospel of the cashless initiative further.