The Nigeria Interbank Settlement System (NIBSS) is preparing to revolutionize digital payments by eliminating transfer fees on its flagship NIBSS Instant Payment (NIP) platform, a move aimed at accelerating Nigeria’s transition from cash-heavy transactions to a smarter, digitally driven economy.
Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS, disclosed the plan while delivering a keynote address at the Globus Bank Fintech Summit 2025 in Lagos.
“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,” Oiwoh stated, explaining that the general idea is to promote innovation around digital transactions.
Oiwoh emphasized that the primary motivation is to combat physical cash. “Our biggest competition is not fintechs or banks; it is cash on the streets. Eliminating fees will make digital payments more attractive to everyday Nigerians,” he added.
According to Oiwoh, strengthening national payment infrastructure, deepening interoperability, and building resilient systems against fraud are crucial for Nigeria’s financial future.
He called for a coordinated national action plan led by the highest levels of government to drive true financial inclusion, noting that simply opening bank accounts is not enough without ensuring actual economic inclusion. He also commended the Central Bank of Nigeria (CBN) for driving standards, such as the adoption of ISO 20022 messaging, which aligns the country’s payment systems with global benchmarks.