What Is Real-Time Gross Settlement (RTGS)? The term real-time gross settlement (RTGS) refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities. Track your money transfer in real time. Send again quickly to friends and family. Download the app. Rating as of September 15, 2020.


IBIC Investment Holdings aims to become the first Nigerian company to offer real-time money transfers from the diaspora back home in the fourth quarter of this year, CEO Yanju George tells The Africa Report.

  1. Sign in to your Ria account now to send money online conveniently, quickly, and securely to 149 countries.
  2. Real-Time Payments for All Financial Institutions The RTP® network from The Clearing House is a real-time payments platform that all federally insured U.S. Depository institutions are eligible to use for payments innovation.
  3. Real Time Gross Settlement, abbreviated as RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a 'real-time' and on a ' gross ' basis.

The planned ‘PayLite’ app, built with help from developers in Belarus, will have a turnaround time of seconds, George says in Lagos. It will be a “disruptive solution which is different from traditional money-transfer platforms,” he says.

Nigeria’s central bank in 2020 halted diaspora transfers in naira as it seeks to encourage dollar remittances and stabilise the domestic currency. In March, Central Bank Governor Godwin Emefiele announced the introduction of an incentive of five naira for every $1 of remittance.

READ MORE Nigeria’s naira-for-dollar incentive not enough to bolster currency

  • George aims to ‘work around’ the restriction by means of a platform where customers will open a wallet.
  • They will transfer dollars into this wallet and themselves make the conversion into naira.
  • The money would then be instantly transferrable into Nigerian bank accounts.
  • He says the central bank “does not have a problem” with the proposed platform, and he is working with them to secure final approval.

The only comparable service available in Nigeria comes from the Ghanaian-owned company Bitsika, George adds.

  • IBIC is seeking equity investors to launch the service. The venture will need $500,000 of pre-seed funding, of which about $200,000 has so far been raised, George says.
  • The service will start with diaspora payments to Nigeria, with plans to later add Ghana, Kenya and Rwanda.

The potential market is substantial. According to PwC, the Nigerian diaspora sent home about $25bn in 2018, or about 6.1% of GDP. The firm says the figure could be close to $35bn by 2023. Real-time payment volumes in Nigeria rose to over 70% of digital payment transactions in 2020, as Covid-19 sharpened the need for instant transfers, according to a report from ACI Worldwide in March. The growth will continue through 2022 before leveling off or declining after 2023, ACI Worldwide says.


Victoria Island hotel

George started out as an entrepreneur selling MTN recharge cards before setting up IBIC in 2012. The firm is a diversified holding company with investments in real estate, agriculture, digital currencies, facility management, and hospitality.

Investments include fintech company CoinNest Africa,CleanUp – a professional cleaning service company in Lagos – and IBIC Acres which has crop, poultry, snail and pig farming holdings in southwest Nigeria.

READ MORE Nigeria’s Paga eyes Ethiopia for expansion, says CEO Tayo Oviosu

Free Money Transfer Service

The company is also seeking $6m of debt funding for a planned new hotel in Victoria Island, Lagos. IBIC, which is currently debt-free, already owns the George Residence, a luxury short-let facility in Lekki which opened in 2020.

The firm originally concentrated on digital currencies but diversified as a way to deal with the volatility involved, George says. He is still the majority shareholder, though other institutional and individual shareholders have come on board.

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Real Time Money Transfer Services

ITECH 7410: Software Engineering Methodologies
Assignment 1
Due Date: Thu, Dec 22, 2016 - 16:00 (Week 6)
Weighting: 20%
Submission: via Moodle
Refer to Course Description, especially in regard to: Extensions, Special Consideration, Late Submissions, and Plagiarism.
The purposes of the assignment:
1. Understanding a real-time and time-critical system
2. Understanding Entity Relationship Diagram and Data Flow Diagram in terms of a realtime software system
3. Analyzing a real-time system and the flow of the corresponding software
The banks in Australia (and most of the other countries having modern banking system) provide the customers to transfer money between two accounts in real time. In most of the Australian banks, the transfer software/app, popularly known as Real-time Money Transfer (RMT), has the identical flow. As for example, a transfer starts after usual login and standard authentication. After that, user selects a recipient for the transfer. Having proper authentication (if required), if the total amount to transfer is less than the current balance of the user, the system transfers the money immediately to the recipient. Some of the system allows the sender to send an email to the recipient to let him know about the transfer. Although the transfer seems to be a straight-forward one, most of the bank enforce additional authentication to ensure the smooth and safe transfer of the money. You are now the in-charge of the development of this software in a new Bank. Your task is to oversee the development of this Real-time system required to ensure secured money transfer.
The RMT should work according to the following rules:
Step-1: Sender enters the interface after successful authentication
Step-2: Selects the account (multiple account may be linked in one interface) and amount to transfer
Step-3: Select the recipient of the transfer either
a) from an already Save info and move to Step-6, OR
b) by entering the recipient name and account info
Step-4: The bank sends a code in SMS in sender’s mobile number (which is already stored in the bank database)
Step-5: Sender retrieve that code from SMS and enter the code in the website/ app and resume the transfer
Step-6: Transfer is completed and a confirmation message is shown
Special Remark: Note that the code is valid for 5 minutes only and if you click on: “Send SMS again with Code” for 5 times within a minute, the account will be blocked for an hour. In addition, if the user requests to send multiple SMSs with different codes, only the final one will work.
Your task is to do a Real-Time Structured Analysis for the RMT considering the aforementioned steps and the Special Remark. You are to present your analysis including the following information:
1. An External Entity-Relationship Diagram (ERD) indicating relationships of the RMT and the other external entities in the system.
2. Data and Control Flow Diagrams (DFD/CFDs) - to sufficient detail that only a single task is carried out by each process at the lowest level. You should show the control events that occur on the same diagrams. Use the real-time extensions for control flows etc. shown in the lecture notes. You need to determine when and where events will occur. For example, whenever a piece of data becomes available it may need a control event to let the system know that it is available. These events must be clearly shown in these DFD/CFD diagrams and then handled in the Control Specification (CSPEC).
3. Process Specifications (Pspecs) - a psuedo-code or similar design language specification is required for each process at the lowest level.
4. Control Specifications (Cspec) - use combinational or sequential FSMs as required, presented in an appropriate format. The idea is that the Cspec will completely describe how each and every event or control flow is handled in the system. Note you need to provide both -Process Activation Table- and -State Machine Diagram-.
5. A Data Dictionary is required to adequately describe each name or special term used in the analysis, which includes process names, data flow names, control flow names etc. If you think further information is required make reasonable assumptions and clearly state these in the submission.
Submission Criteria:
The assignment must be submitted electronically through Moodle in pdf format. Draw the diagram using any suitable graphic software, no handwritten diagrams will be accepted. Write a conclusion of the analysis in your own words.
Marking Guide:
Item Marks
An External Entity-Relationship Diagram 4
Data and Control Flow Diagrams (DFD/CFDs) 4
Process specifications (Pspecs) 4
Control Specifications (Cspec) 4
Data Dictionary 3
Conclusion 1
Total 20