Nigeria has emerged as a leader in inclusive payment solutions with its Nigeria Inter-Bank Settlement System Instant Payment (NIP). From June 16th to 20th, 2025, AfricaNenda Foundation and NIBSS hosted a peer learning visit in Lagos, welcoming delegates from several financial institutions from Eswatini, Guinea, Liberia, Madagascar, Somalia, South Sudan, Togo, and the CEMAC region. The event showcased Nigeria’s advanced payment ecosystem and created a platform for knowledge exchange on innovative approaches to digital payments.

During the visit, participants explored NIBSS’s business models, regulatory practices, and strategies for scaling up instant payments. They also exchanged experiences on driving adoption and building trust in digital financial services. The program encouraged stronger professional ties among central banks and payment system operators to support continued collaboration across Africa.

"AfricaNenda Foundation is proud to support this initiative as part of our mission to accelerate inclusive payment systems across the continent. We are here to listen, learn, and support country-level implementation efforts." Dr. Robert Ochola, CEO AfricaNenda

Participants explored NIBSS’s evolution as Nigeria’s national payment infrastructure, with locally developed solutions like NIBSS Instant Payment (NIP), Bank Verification Number (BVN), AfriGo, and QR codes. Sessions highlighted efforts to promote interoperability, digital inclusion, and regional collaboration.

“At NIBSS, our collaboration with the Central Bank of Nigeria demonstrates the value of strong regulator partnerships; driving innovation, trust, and impact. We encourage other switches to do the same: build transparently and enable real-time regulatory oversight." Premier Oiwoh, Managing Director and CEO of NIBSS

Discussions focused on NIP’s real-time platform enabling instant credit transfers and robust transaction monitoring. Participants also reviewed Nigeria’s regulatory milestones supporting digital payments and strategies to build trust and transparency across the ecosystem.

The regulatory workshop, led by Mr. Musa Jimoh, Director in the Payments System Management Department of Central Bank Nigeria, focused on evaluating the regulatory environment that underpins Nigeria’s NIBSS Instant Payment (NIP) system. The session traced major policy milestones—from the 2012 cashless policy and tiered KYC framework to the launch of BVN and NIN—highlighting how these reforms have tackled barriers to financial inclusion such as high banking costs and limited branch access. Participants also explored recent developments like open banking guidelines, the creation of a regulatory sandbox, and Nigeria’s 5-year Payment System Vision integrating AI and big data. Emphasizing the collaborative path forward, Mr. Jimoh shared: “The payments battle is not against any competitor, it is against cash. Regulators across Africa should speak to each other, collaborate, and have continuous engagements. Let us prioritize this collaboration to meet the demands of an increasingly complex environment.”

The workshop offered critical insights into how governance structures and progressive policies can collectively enable a secure, inclusive, and innovative instant payments ecosystem.

Insights were shared on the launch of AfriGOPay, aimed at enhancing security, promoting local card issuance, and reducing reliance on foreign networks. Participants also learned about NIMC’s progress in harmonizing Nigeria’s identity systems and new initiatives linking IDs to payments. Notably, partnerships with telecoms are paving the way for instant bank or mobile money account creation, helping to broaden financial access and drive inclusion across the country. “We have the goal to onboard at least 95% of the Nigerian population by December 2025” said Engr. Abisoye Coker-Odusote, DG/CEO of NIMC

The delegation conducted a comprehensive visit to NIBSS and several prominent Nigerian institutions.

• At the NIBSS headquarters, participants toured various departments, gaining firsthand insights into the operations, technical infrastructure, and collaborative processes that underpin Nigeria’s real-time payment systems. These engagements provided a valuable opportunity to observe how NIBSS manages key functions such as transaction processing, fraud monitoring, and system innovations that support the country’s inclusive financial ecosystem.
• Flutterwave, one of Nigeria’s leading fintech companies and a unicorn startup valued at over $3 billion that provides payment infrastructure across Africa.
• UBA (United Bank for Africa), a multinational pan-African financial services group headquartered in Lagos and known as “Africa’s Global Bank” with operations across 20 African countries.
• Wema Bank, Nigeria’s fifth-oldest bank celebrating its 80th anniversary in 2025 and pioneer of Africa’s first fully digital banking platform.

The visit also featured a celebratory dinner marking the launch of the NIBSS Payment Stack (NPS), a new platform designed to revolutionize Nigeria’s payment landscape. NPS offers real-time transaction capabilities and flexible APIs, enabling smoother integration for banks and fintechs. It enhances the system with advanced fraud prevention measures and improves the handling of both instant and bulk payments, positioning Nigeria for a more efficient and secure digital financial ecosystem.

Key takeaways from the visit included the value of homegrown solutions, with NIBSS’s locally built infrastructure serving as a model for other African countries. Participants highlighted the importance of collaboration and trust among stakeholders, as well as the need for regulatory harmonization to enable cross-border interoperability. NIBSS’s robust technical system, especially in fraud management and transaction security, stood out as critical for reliable payments. Finally, there was a strong consensus on prioritizing capacity building through knowledge sharing, internships, and peer learning to sustain innovation across Africa’s digital finance landscape.

Participants left with concrete ideas, valuable professional relationships, and a clearer vision for strengthening payment systems in their respective countries. Nigeria’s inclusive instant payment journey demonstrates the potential of homegrown innovation and strong partnerships to expand access to financial services and drive progress toward universal financial inclusion across the continent.