NIBSS Directive on PSSP, Super Agent and Switching Companies.

The NIBSS directive specifically addresses the issue of listing non-deposit-taking financial institutions as beneficiaries on NIP fund transfer channels. This practice, as the directive states, contravenes the established guidelines. While these entities can process outward transfers as inflows to banks and other financial institutions, they cannot directly receive inflows. This restriction stems from their limited licencing, which does not authorise them to hold customer funds.