NIBSS plans to scrap instant transfer fees next year under a subscription model to speed up Nigeria’s transition to a fully digital economy.
The managing director and chief executive officer of the Nigeria Interbank Settlement System (NIBSS), Premier Oiwoh, has announced plans to eliminate transfer fees on the NIBSS Instant Payment (NIP) platform to accelerate Nigeria’s shift from cash to digital payments.
Speaking at the Globus Bank Fintech Summit 2025 in Lagos, Oiwoh said the initiative would begin next year under a subscription-based model. “Our biggest competition is not fintechs or banks; it is cash on the streets,” he said. “Eliminating fees will make digital payments more attractive to everyday Nigerians.”
He stressed the need for stronger national coordination on financial inclusion, warning that opening bank accounts without enabling real economic access was ineffective.
Oiwoh highlighted progress in infrastructure, credit-enabled AFRIGO cards, and upcoming multipurpose national identity cards with embedded payment features.
On fraud, he urged banks to prioritise cybersecurity, saying: “We must never put profitability above compliance.”