30 Years of Innovation and Growth: NIBSS Celebrates Milestones, Strategic Growth, Unveils Future Plans

Samuel Mobolaji

The Nigeria Inter-Bank Settlement System Plc (NIBSS) marked its 30th Annual General Meeting (AGM) with a celebration of three decades of advancing Nigeria’s payment system and financial inclusion.

The event, which was held at its headquarters in Victoria Island, Lagos, gathered shareholders, board members, and stakeholders to reflect on the company’s significant milestones and strategic growth.

Addressing the attendees, Chairman of the Board of Directors of NIBSS and Deputy Governor, Financial System Stability of the Central Bank of Nigeria (CBN), Mr Philip Ikeazor, praised the company’s resilience amid challenging economic conditions.

“Our ability to navigate the complexities of 2023, while delivering on our mandate, is a testament to the strength of our leadership and the unwavering commitment of our team,” Ikeazor stated.

He highlighted NIBSS’s role in setting new benchmarks in the Nigerian payment system through pioneering innovations.

Among NIBSS’s notable achievements in 2023 was the launch of the AfriGO Card, a national domestic card scheme developed in collaboration with the CBN. This initiative aims to deepen financial inclusion and reduce reliance on foreign payment cards, enhancing Nigeria’s payment infrastructure.

The AfriGO Card is expected to integrate the informal sector into the economy, lower transaction costs, and reduce dependence on foreign exchange, while also improving data sovereignty and supporting offline transactions.

NIBSS also made significant strides in its digital transformation efforts, completing a Hyper-Converged Infrastructure that enabled the migration of over 90% of critical applications to a modernized platform.

This development enhances the availability, scalability, and redundancy of Nigeria’s digital infrastructure, solidifying NIBSS’s leadership in the digital payment space.

Further strengthening the payment ecosystem, NIBSS introduced the Central Fraud Management Solution, known as Hawk. This omni-channel tool uses adaptive behavioral analytics and machine learning to provide real-time fraud prevention and detection, safeguarding the integrity of payment activities across the industry. Hawk is also available as a service to other financial institutions, regardless of scale.

The AGM also highlighted the Central Bank of Nigeria’s strategic interventions in 2023, including adjustments to the Monetary Policy Rate (MPR) and new regulatory frameworks for Mobile Money Operators (MMOs) and Virtual Asset Service Providers. Mr. Ikeazor credited these measures with stabilizing the economy and promoting innovation in the digital payment space.

The AGM marked a leadership transition within NIBSS, with the Board welcoming Mr. Philip Ikeazor as Chairman and Mrs. Ngover Ihyembe-Nwankwo as Executive Director of Business Development. Mr. Ikeazor commended the contributions of outgoing board members and expressed confidence in the new leadership team’s ability to drive NIBSS to greater heights.

Reflecting on the company’s progress, Managing Director/CEO Mr. Premier Oiwoh expressed gratitude to all stakeholders for their unwavering support. “The innovations and accomplishments in the past year reflect the dedication and tenacity of our team, the guidance of our Board, and the steadfast support of our shareholders and partners,” Oiwoh said. He emphasized NIBSS’s commitment to building a resilient, innovative, and inclusive payment ecosystem for Nigeria.

Looking ahead, NIBSS is poised for continued strategic growth, focusing on expanding financial inclusion and enhancing digital payment infrastructure. The company remains dedicated to leveraging emerging technologies and deepening partnerships to ensure seamless and inclusive payment experiences for all Nigerians.