The Nigeria Inter-Bank Settlement System (NIBSS) is planning to completely eliminate transfer fees on its Instant Payment (NIP) platform, transitioning to a subscription model to accelerate Nigeria’s movement from a cash-heavy system to a smart, digitally driven economy.
Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS, disclosed this plan at the Globus Bank Fintech Summit 2025 in Lagos.
The Zero-Fee Strategy
Oiwoh stated that the complete elimination of NIP fees, making them zero cost, and moving to a subscription model, is expected to begin “by next year.”
- Driving Force: Oiwoh asserted that NIBSS’s “biggest competition is not fintechs or banks; it is cash on the streets.” Eliminating fees is intended to make digital payments significantly more attractive and accessible to everyday Nigerians, thereby promoting innovation.
- National Card Scheme: Oiwoh also highlighted the role of AFRIGO, Nigeria’s national card scheme, which has processed over N70 billion worth of transactions in 2025. He noted that the upcoming National Identity Management Commission (NIMC) multipurpose ID card will carry the Afrigo payment rail, ensuring millions of Nigerians gain direct access to financial services.
Focus on System Resilience
The NIBSS boss emphasised that the future of Nigeria’s financial ecosystem requires strengthening national payment infrastructure, deepening interoperability, and building resilient systems that can withstand threats.
He urged banks and fintechs to invest more in robust monitoring systems, warning that insider collaboration remains one of the biggest threats to digital trust. He concluded that “Building resilient, trusted systems is non-negotiable if we want Nigerians to embrace digital payments.”
