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Citigroup Hosts Launch of Electronic Funds Transfer Payments N igeria International Bank Ltd, a member of Citigroup, recently hosted the launch of Nigeria's first automated clearing house payments called the "Nigerian Interbank Settlement System Electronic Funds Transfer" (NEFT). The Nigerian Interbank Settlement System (NIBSS) is an initiative of the Central Bank of Nigeria in partnership with banks operating in the country. More than 20 delegates attended the event, including representatives from the diplomatic community, Non-Governmental Organizations and companies from the energy, shipping, pharmaceuticals and the distribution sectors. The launch offered participants the opportunity to learn about NEFT and how Citigroup's webbased electronic banking platform CitiDirect can be used to remotely initiate NEFT transactions. Citigroup Nigeria will deliver NEFT through the CitiDirect banking plafform in add~tion to Trade Services, Paylink cheques & foreign currency transfer services that are already available for clients. Ireti Ogbu, Head of Global Transaction Services at Citigroup Nigeria said, "NEFT is an important step in the evolution of payment systems in Nigeria as it creates a viable alternative to cash which has been the dominant means of payment. Citigroup has been at the forefront of these type of initiatives globally and is very proud to be part of promoting NEFT in Nigeria." Lekan Salami from GlaxoSmithKline said "It's a fantastic product and we cannot wait to start using the system. I am really impressed with what I have seen at the demonstration and how NEFT links up with Citigroup's payments solution systems. We have been doing business with Citigroup since 1984 and we have come to the conclusion that their services are cutting edge. Citigroup has been a very supportive and listening partner". Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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