Nigeria’s NIBSS Becomes Africa’s First Payment System To Achieve Mature Inclusivity
By OBI DAVIES
THE Nigeria Inter-Bank Settlement System Plc (NIBSS) has become the first payment system in Africa to reach the highest level of financial inclusivity, the “matured” tier, the AfricaNenda Foundation announced on Thursday.
The announcement came during the launch of the State of Instant Payment Systems (SIIPS) 2025 report in Eswatini, with Nigerian representatives receiving a standing ovation from bankers, investors, and officials.
Produced in partnership with the Central Bank of Eswatini, the World Bank, and UNECA, the report evaluates instant retail payment systems (IPS) across Africa, assessing functionality, governance, and inclusivity. IPS are open-loop, low-value digital systems enabling near-instant, 24/7 transactions.
AfricaNenda’s Deputy CEO, Sabine Mensah, called NIBSS’s achievement “groundbreaking,” noting that Nigeria had narrowly missed the mature tier in 2024 due to limited recourse channels for users.
NIBSS CEO, Premier Oiwoh, credited the Central Bank of Nigeria’s industry dispute resolution platform for helping achieve the milestone, saying it significantly reduced payment disputes.
The report ranks payment systems across three levels: unrated, basic progress, and mature. Out of 35 systems assessed, only NIBSS reached the mature level; ten were unrated, 15 at basic, and ten at progressed levels. Other Nigerian systems, including eNaira and mobile money platforms, remain at the basic level.
Last week, NIBSS also launched the National Payment Stack (NPS), a new digital infrastructure aimed at unifying and modernising Nigeria’s payment ecosystem.
