How NIBSS Innovation Drives Services in GDP Expansion
The Nigeria Inter-Bank Settlement System (NIBSS) is driving economic growth through innovation, with the country's service sector expanding by 5% in the first quarter of 2025. NIBSS plays a crucial role in the financial inclusion strategy, providing infrastructure for secure electronic payments.
Electronic transactions in Nigeria have surged, with a quadrillion Naira recorded in 2024, boosting government revenue through the Electronic Money Transfer Levy. The service sector's growth has been supported by NIBSS, with increased digital transactions contributing to GDP performance.
Major banks have seen a rise in income from electronic banking, with UBA, Access Holdings, and Zenith Bank leading the pack. NIBSS's role in driving digital infrastructure and innovation is seen as essential for the country's economic development, with experts emphasizing the importance of efficient payment systems for sustained growth.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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