By Segun Adeyanju
The Managing Director and Chief Executive Officer of the Nigeria Interbank Settlement System (NIBSS), Premier Oiwoh, has announced plans to eliminate charges on instant money transfers in Nigeria in a move aimed at deepening financial inclusion and promoting a smart, digitally driven economy.
Speaking at the Globus Bank Fintech Summit 2025 held in Lagos, Oiwoh revealed that NIBSS will, by next year, begin the implementation of a zero-cost structure for the NIBSS Instant Payment (NIP) service, transitioning to a subscription-based model.
“By next year, we’ll be starting a program towards the complete elimination of the NIP fee, making it zero cost into a subscription model,” he said, explaining that the initiative seeks to encourage innovation and accelerate digital payment adoption.
Oiwoh emphasized that the real competition for Nigeria’s financial sector is not among banks or fintechs but with the persistent use of cash.
He argued that removing transfer fees would make digital payments more appealing to everyday Nigerians.
He also called for a coordinated national strategy to strengthen the payment infrastructure, enhance interoperability, and build resilient systems capable of withstanding fraud and cyber threats.
According to him, while countries like India and China have achieved greater inclusion through deliberate strategies, Nigeria still operates in silos.
Commending the Central Bank of Nigeria (CBN), for adopting the ISO 20022 messaging standard to align Nigeria’s payment systems with global benchmarks, Oiwoh highlighted the success of Afrigo, the national card scheme, which has processed over ₦70 billion worth of transactions in 2025 and boasts over one million cards in circulation.
He further disclosed that the upcoming National Identity Management Commission (NIMC) multipurpose ID card will be integrated with the Afrigo payment rail, allowing millions of Nigerians to access financial services using their national ID cards.
On cybersecurity, Oiwoh cautioned financial institutions to prioritize compliance and security over profits, warning that insider fraud remains a major threat to the sector.
He cited the NIBSS Hawk platform as an effective tool that has helped detect and prevent several fraudulent transactions.
He concluded by urging stronger collaboration among banks, fintechs, and payment service providers, stressing that the ultimate goal is not competition among operators but the elimination of cash dependency.
“Payments are not the destination,” Oiwoh said, “but the foundation for building a vibrant digital economy where innovation, inclusion, and trust drive prosperity.”
