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Innovation around the World

Nigeria

Citi has launched a "Pay at Bank" solution in Nigeria

The challenge:
Hitherto, clients suffered a lag of between 24 and 26 hours in getting access to information on transactions initiated through our correspondent bank network.

The innovation:
The "Pay at Bank" solution enables Nigerian clients to receive dealer collections in near real time at correspondent bank branches. This has been achieved by eliminating the delay for file integration via SWIFT, between our systems and our correspondent banks. Citi clients get same day credit for all cash transactions, while cheques are value dated in line with clearing periods. The benefits are that it provides dealers with over 600 bank branch locations for payments to corporate clients. The payment channel accepts cash and cheques, thus suitable for dealers without debit/credit cards. This translates to significant reduction in customer traffic, and also provides security around transactions. The clients also benefit from online access to transaction reports via CitiDirect that are downloadable in various formats.

The result:
Given Citi Nigeria's limited branch network, this solution was created to enable our clients receive their dealer collections nationwide on a near real-time basis at our correspondent bank branches.