As Nigerians prepare for the festive season, the Nigeria Inter-Bank Settlement System (NIBSS) has given a firm assurance of seamless electronic payment (ePayment) services, aiming to avoid the typical digital transaction frictions experienced during the yuletide period.
NIBSS Readies Infrastructure for Festive Surge
This commitment comes against the backdrop of massive transaction volumes. As of July 2025, a staggering N384 trillion was recorded in quarterly transactions across all e-payment platforms in the country. Providing further context on the digital finance landscape, NIBSS data shows there were 325.6 million active accounts as of August 2025 and 66.8 million registered Bank Verification Numbers (BVN) by September 2025. The number of smartphone users, a key driver of digital payments, is projected to hit 143 million by the end of 2025.
Mrs Ekeoma Chidi-Ugorji, Head of the Operations Department at NIBSS, addressed the 2025 Fellows of the DPI/DPG journalism fellowship organized by the Media Foundation for West Africa (MFWA). She confirmed the system's readiness, noting that during the last festive period, NIBSS processed approximately 14 billion transactions daily.
"We are prepared for the surge," Chidi-Ugorji stated. "We know that people will be on holiday and would have lots of expenses to make this period. We have readied the servers. Staff are not allowed to go on leave this period as we ensure 24/7 monitoring."
She elaborated that the company has cleaned its servers and database to ensure optimal performance and has mandated that all systems and support desks are fully manned. Financial institutions have also been instructed to ensure their own digital platforms operate without hitches.
Payment Rails Critical for $1 Trillion Economy Goal
William Uko, Head of Strategy and Research at NIBSS, linked robust payment infrastructure to Nigeria's broader economic ambitions. He emphasized that as Nigeria targets a $1 trillion economy by 2030, a future-ready payment rail is non-negotiable for underpinning the necessary digital infrastructure.
Uko explained that a strong Digital Public Infrastructure (DPI), which enables public service delivery and supports economic activity, rests on three foundational systems:
- Digital Identity
- Digital Payments
- Data Exchange
He noted that with 64 per cent of Nigeria's population now within the financial space, the objectives of the country's DPI include converging digital identity and payments to create next-generation infrastructure, driving payment innovation, deepening financial inclusion, and improving government revenue collection. "Without infrastructure, we cannot build the ecosystem," Uko stressed.
FCCPC Cautions Transporters Against Arbitrary Fare Hikes
In a related development, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a warning to inter-city road transport operators. The commission is acting on a surge in consumer complaints about arbitrary and unexplained fare increases during the ongoing festive travel period.
In a statement by its Director of Corporate Affairs, Ondaje Ijagwu, the FCCPC acknowledged that seasonal demand and legitimate operational costs could affect pricing. However, it insisted that any fare adjustment must be transparently communicated and applied fairly, as consumers are entitled to clear information before travel.
The commission pointed out that these complaints are emerging even amid reports of reductions in the pump price of Premium Motor Spirit (petrol) in parts of the country. While fuel cost is just one factor influencing fares, the FCCPC stated that unexplained increases raise valid consumer protection concerns.
The Executive Vice Chairman and CEO of the Commission, Tunji Bello, said the FCCPC is closely monitoring market conduct and has intensified engagement with transport unions and operators nationwide. He clarified that while price increases are not inherently unlawful, conduct that exploits consumers or takes unfair advantage of seasonal demand may attract regulatory action under the FCCPA 2018.
