Your NGN local account allows you to receive and send Nigerian Naira locally in Nigeria.
With your NGN local account bank details, you can receive from anyone — yourselves, your clients, or your suppliers. For those paying into the account, it will be the same as making any other domestic bank transfer in Nigeria.
There is no need to create a top-up; we will credit the funds to your NGN wallet as soon as we receive them. You can then use these funds to transfer as you normally would through the Verto platform.
What are the settlement details?
Your NGN local account is issued via Paga (primary banking partner) and FCMB (First City Monument Bank). You will be issued a unique set of details for your business.
Account Name: The account is held in the name of the business registered on the Verto platform, in the format: Verto - Your Business Name (e.g. Verto-Good Shop Ltd).
Account Number: A unique 10-digit number assigned to your business.
Bank Name: Paga/FCMB
When the sender enters your account number and bank name into their banking platform, the account name will be displayed automatically for them to confirm before sending.
What payment methods are supported?
NGN local payments are processed via two real-time schemes, and one non-instant scheme.
Paga & FCMB - NIP (NIBSS Instant Payments) — for payments up to NGN 100 million, settled within 1 hour, available 24/7.
Paga & FCMB - Etranzact — an alternative real-time system for payments up to NGN 200 million. Allow up to 2 hours for credit.
RTGS/NEFT - FCMB only — for high-value batch payments above NGN 100 million. RTGS settles by midday; NEFT clears across four daily windows with a 2pm local time cut-off.
Senders are generally not able to choose the payment scheme themselves — the routing is automatic based on the amount and the sender's bank.
Who can pay into these accounts?
Anyone with a local Nigerian bank account.
What name is the account in?
The account is held in the name of the business registered on the Verto platform, in the format: Verto - Your Business Name. When the sender enters your account number, your business name will appear on their screen for confirmation before they complete the transfer.