This is an acronym for Electronic Bills Payment which is a collection platform managed and operated by the Nigeria Inter-Bank Settlement System Plc. (NIBSS) that accepts payments from customers via Internet Banking, Bank Branch, and USSD channels.
E-BillsPay is used to facilitate the payment of different Bills, Fees, Levies, Premiums, Airtime, and Subscriptions, etc. by the banking public through electronic payment channels provided and managed by Banks.
- E-BillsPay Service is available across all Bank branches in the country
- Payment for services can be done by simply walking into any Bank and requesting to pay for a service provided the receiver of such fund (Biller) has been profiled on E-BillsPay
- Payer does not require the bank account of the service provider (Payee) to make payments.
- A notification is received by the payer after payments have been made and a receipt generated in his favor provided all the necessary details has been made available by the payer
- Internet Banking (Mobile Apps)
- Once a payee (Biller) details are profiled on the E-BillsPay platform, the payers can from their convenience make payments to the Biller by login into their Banks internet banking or the Banks mobile app and navigate through to E-BillsPay to make payments.
- Payers will also be able to make payments for services and while the Biller would get value in real time via the USSD.
- The payer simply dials *565*6*Merchant code# to initiate a payment. This would generate a drop-down menu where the payer selects the option of what he/she is paying for.
- Kindly note that this USSD code is not Bank specific but controlled on a central switch via NIBSS and as such does not require the opening of accounts in all Banks.
Benefits of E-BillsPay
- It provides various convenience options to receive payments
- Timely and accurate reporting – The solution gives accurate reporting of all payments paid and processed by banks and those collected through the other collections channels.
- E-BillsPay help to improve process efficiency as all banks will be collecting banks and the biller will receive immediate value for all payments.
- It aids in Curbing corrupt practices i.e. under-remittance of collections or non-remittance of collections
- Ease of Reconciliation – The biller will have online access to the transaction listing of collections paid in the banks and other payment channels
- Settlement/Fund sweeping – The nominated billers account(s) for collections will be credited through the sweeping services rendered by NIBSS. The settlement will also be effected accordingly for all banks involved.
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