What is NIBSS emandate
The NIBSS emandate is an innovative solution that simplifies the process of activating a direct debit mandate electronically. With this method, customers can easily authorize their direct debit mandates on their own, without the need for paper forms or bank visits.
As a result, lenders and borrowers can set up repayment authorizations more quickly. Ultimately, this ensures faster activation and greater convenience for everyone involved.
How to activate direct debit with NIBSS emandate
To activate a direct debit mandate through the NIBSS emandate process, follow these steps:
Lender Initiation:
Firstly, the lender or biller initiates the eMandate setup via the Lendsqr admin console.
Customer Transfer:
The customer then sends a ₦50 transfer from the bank account that will be linked to the mandate. This transfer is sent to:
- Account: 9880218357
- Bank: Paystack-TitanThe transfer can be made via internet banking, mobile banking, or USSD.
Account Balance Requirement:
The customer must have at least ₦100 in the same bank account. After the ₦50 transfer, the system will then attempt to debit ₦100 to activate the mandate.
Activation Timeline:
The activation process typically completes within 2 hours. If it takes longer, the customer should contact support@lendsqr.com for assistance.
Confirmation:
Once the mandate is successfully activated, the customer receives an email confirming that their direct debit mandate has been approved.
Things to note
- Some banking mobile apps may not support transfers to Paystack-Titan. In that case, internet banking is recommended.
- Customers are encouraged to complete the ₦50 transfer within 7 days of the mandate setup.
- The ₦100 debit attempt is automatic and necessary for activation.
- If the bank’s mobile app does not display Paystack-Titan (e.g., SunTrust Bank), the customer may need to use the traditional direct debit method.
Common issues and resolutions
- Bank not listed: If Paystack-Titan is not visible in the mobile app, try using internet banking or opt for the traditional mandate process. Read Nigerian banks supported by NIBSS Direct Debit
- Mobile app transfer failures: If the mobile app does not process the transfer (as seen with some banks like Ecobank), switch to internet banking for the transfer.
Read further: Why direct debit is the silent hero of loan recovery in Nigeria