NIBSS Introduces Offline Payments to Boost Financial Inclusion in Nigeria

The Nigeria Inter-Bank Settlement System (NIBSS) has unveiled offline payment solutions to cater to millions of Nigerians lacking reliable internet access, aiming to deepen financial inclusion and reduce exclusion from the digital payment ecosystem. Ngover Nwankwo, the Chief Human Resource Officer of NIBSS, highlighted the importance of offline payments in expanding digital payment access rapidly, especially for segments of the population with poor connectivity, limited data access, and low digital literacy.

Despite the growth of electronic transactions, cash remains central to Nigeria's economy and daily life. Nwankwo emphasized the coexistence of cash and digital platforms for efficient and secure services.

The NIBSS also advanced biometric solutions to simplify access to financial services, with Solaja Olayemi noting that 90% of Nigeria's cash remains outside the banking system. The conference emphasized collaboration among banks, fintech companies, and regulators to enhance security and build a resilient payment ecosystem.