Nigerians to Enjoy Zero Fees on Instant Transfers as NIBSS Drives Digital Economy

The Nigeria Interbank Settlement System (NIBSS) plans to eliminate transfer fees on its Instant Payment (NIP) platform to drive the country's digital economy transition. Managing Executive Officer Premier Oiwoh announced this initiative at the Globus Bank Fintech Summit in Lagos.

The move aims to make digital payments more attractive to Nigerians and promote innovation in the financial sector. Oiwoh emphasized the importance of strengthening national payment infrastructure and enhancing interoperability to combat fraud and cyber threats.

This strategic step aligns with global trends towards cashless economies and positions Nigeria for digital financial growth.