- Written by:
- Elephant FX Editorial Team
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Written from Elephant FX product documentation and the official sources cited below.
Short answer
Nigeria's interbank instant payments (NIP) let the sender look up the account name for a bank and 10-digit account before paying. Compare the returned name with the recipient's details and stop to verify if it differs, because a completed payment usually cannot be reversed.
Who this applies to
- Anyone paying a Nigerian bank or mobile wallet account.
Steps
- Enter the bank and 10-digit account and wait for the returned name.
- Compare it with the contract, invoice or the name the recipient gave you.
- For abbreviations, word order or spelling differences, confirm with the recipient; if the name is entirely different, stop.
- If the lookup fails, check the account and bank you chose rather than trying another number.
Why names can differ
Common reasons: the account is held by a person rather than the company; names appear in a different order or include a middle name; banks spell or truncate the same name differently; or a single mistyped digit points to someone else's account.
Risks and limits
- A name lookup confirms who holds the account; it does not prove the counterparty is genuine or honest.
- Fraudsters may use names similar to a real company; confirm through a phone number you already know when in doubt.
Sources
- NIBSS Name Enquiry · Nigeria Inter-Bank Settlement System
- NIBSS Instant Payment (NIP) · Nigeria Inter-Bank Settlement System
- CBN Rule Book Volume 1 (includes rules on instant electronic funds transfer) · Central Bank of Nigeria
Related
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