Banking partners and payment schemes

Verto will issue accounts unique named accounts via two banking providers in Nigeria - FCMB and Paga.

Payment schemes in Nigeria are as follows:

Payment Scheme	Payment Type	Bank Support	Cutoff times
NIP (NIBSS)	Instant payment settlement (within 1hr) 24/7 for payments up to 100m NGN.	Paga	24/7
Etranzact	Alternative realtime payment system, allows for higher values (up to 200m NGN) but has higher failure rates domestically. Allow up to 1 working day for credit in most instances.	Yes	24/7
NEFT	Batched payments that settle within 1 working day of being sent. Allows for payments types >100m.	Not supported at this time - planned for future development	2pm local time(Payment is cleared during 4 windows each day.) if you send a NEFT at 7am it will clear at 8, at 9:45 it would clear at 10, and 1:59 at 2 and at 2:01 at 8 the next working day.
RTGS	Batched payments that settle within 1 working day of being sent. Allows for payments types >100m.	Not supported at this time - planned for future development	12 (mid-day),depends on the time is it initiated at the bank for it to settle same day. For example, 8am - 12pm.

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By default, all sub-account wallets will only have Paga account details generated.
More banks will be supported in the future. Contact your sales manager for more information.

Sending to an NGN bank account

Sending to an NGN bank account requires that you give the sender the bank account number, account name and bank name. Each bank account is 10 digits.

Bank account number - e.g 1284890912
Bank name - e.g Bank C
Bank account name e.g Verto-Company A

Once the sender opens their banking platform, they can enter the bank account number and bank name. Once they do this, they will see the account name associated with that account.

Upon confirmation that the account name matches the account name provided, they can provide the account name.

Once the funds are sent, the funds delivery time depends on the payment scheme used, the sending bank and the availability of the payment scheme.

Payers are typically not able to choose the payment method they send funds. Payments <100m are sent via a real-time payment scheme (NIP or Etranzact). Payments >100m are sent via a batch payment scheme (RTGS or NEFT).

It is common practice within Nigeria to make multiple payments below 100m instead of a single payment to speed up payment times.

Bank account name format

Bank account name for Paga - Verto - company’s name (e.g Verto-Company A)

Sending account details

When payments are received we will include the details of the sending party in the notification webhook.

This will include:

Senders Name
Senders Account Number
Senders Bank Name

Payment and collections processing

Collections are processed in real-time (inbound) once we get the funds, and risk screening has been completed.
Outbound payouts happen between 7 am and 7 pm GMT, on weekdays

FX Operations

FX Rates - 24/7 real-time rates
FX Trade Booking - 24/7 available
FX Trade Settlement - instant on working days, 6 am to 6 pm GMT