What Actually Happens When You Send Money Between Banks in Nigeria?
A Nigeria Interbank Transfer Expose
Welcome to #InsideFintech - your monthly dose of insights, updates, opportunities and trends to help you build and navigate fintech in Africa.
If you're building or just curious, this is where you get fintech-savvy.
🧠 Fintech Concept of the Month
What Is Embedded Finance?
Ever wondered why your ride-hailing or food delivery app has a wallet, even though they’re not a financial institution?
Embedded finance is when non-fintech platforms offer financial services, like payments, lending, or insurance, within their applications.
Think of ride-hailing apps offering wallets, marketplaces offering “Buy Now, Pay Later,” or HR platforms letting users withdraw salary early.
The key idea?
You don’t go to the bank, instead the bank comes to you, inside a product you already use.
Why it matters:
Embedded finance shifts distribution away from traditional players and into ecosystems powering financial access where people work, shop, and live.
🚀 Featured Resource
What Actually Happens When You Send Money Between Banks?
Using Nigeria as a Case Study
Sending money from your bank app feels like magic: tap, send, done. But behind every successful transfer is a series of complex handshakes between banks, infrastructure providers, and regulators.
We unpack:
Why you’re sending an instruction, not actual money
How NIBSS routes transfers in real-time
When the real money moves (hint: it’s not immediately)
Why transfers fail or get delayed, even when your app says “Success”
🔍 Read the full breakdown via the link below
📚 What We Read This Month
CBN Open Banking Operational Guide
Ahead of full open banking implementation starting August 2025
💬 BIF Insider
💯 100 Members and Growing
This month, we hosted our live session, kickstarted our community and crossed 100 members in the BIF Community. Welcome to all the new operators, PMs, engineers, and ecosystem friends.
📣 AMA Recap: Fintech KPIs with Femi Oritogun
We hosted our first Ask Me Anything (AMA) with a deep dive into fintech metrics and business intelligence:
Which KPIs actually matter at different growth stages?
How do you design dashboards that leadership will use?
What product metrics matter for switching, cards, and wallets?
👀 Missed it? Join our community to catch up
📅 What’s Coming Up
🎓 July Masterclass
Topic: How Payments Really Work: Understanding Liquidity, Reconciliation & the Hidden Risks
Date: 19th July, 2025
→ TBA soon
📢 Regulation Discussion: Open Banking Edition
We’ll be hosting a live discussion on Nigeria’s new open banking regulations on twitter space. What should product and compliance teams be preparing for?
→ Date TBA.
Follow us on all our social media platforms to stay updated.
📢 Join Builders in Fintech
We’re a growing community of people building, operating, and scaling fintech infrastructure across Africa. If you’re interested in real context (not just buzzwords), this is where you want to be.
This is insightful and practical. The kind of information you cant find in circulars/guidelines.