The Nigeria Inter-Bank Settlement System Plc (NIBSS) at its 30th Annual General Meeting (AGM) promised to leverage emerging technologies and deepen partnerships to ensure seamless and inclusive payment for all Nigerians.
The AGM marked a significant milestone in the history of NIBSS, as it celebrated three decades of advancing Nigeria’s payment system and
financial inclusion.
Addressing shareholders, board members and other stakeholders, Mr Philip Ikeazor,
Chairman, Board of Directors of NIBSS and Deputy Governor, Financial System Stability
of the Central Bank of Nigeria, expressed his satisfaction with the company’s
resilience and performance amid challenging economic conditions.
He noted, “Our ability to navigate the complexities of 2023, while delivering on our mandate, is a testament to the strength of our leadership and the unwavering commitment of our team.”
Reflecting on the company’s accomplishments, he added that, “NIBSS has not only sustained its
critical role in the Nigerian payment system but has also pioneered innovations that are
setting new benchmarks for the industry.”
2023 was a year of significant achievements for NIBSS, driven by our commitment to
enhancing Nigeria’s financial and payment infrastructure, one of the most notable
achievements in 2023 was the successful launch of the AfriGO Card; the national
domestic card scheme, in collaboration with the Central Bank of Nigeria. This initiative is
aimed at deepening financial inclusion and reducing reliance on foreign payment cards,
marking a significant step toward enhancing the self-sufficiency of Nigeria’s payment
infrastructure.
The AfriGO Card is expected to play a crucial role in integrating the informal sector into the economy, offering lower transaction costs, reducing the dependency on foreign exchange, enhancing data sovereignty in our identity and
payment system while also catering for domesticated offline transactions to deepen
financial inclusion.
The company also made significant progress on its digital transformation journey with
the completion of a Hyper-Converged Infrastructure, enabling the migration of over 90 per cent of critical applications to a modernised platform.
This development ensures greater
availability, scalability and redundancy for the national digital infrastructure, reinforcing
NIBSS position as a leader in the digital payment space.
Additionally, NIBSS introduced the Central Fraud Management Solution, known as Hawk,
to bolster the industry’s defences against fraudulent payment activities.
This omni-channel tool leverages adaptive behavioural analytics and machine learning algorithms to provide real-time fraud prevention and detection, further securing the integrity of the
payment ecosystem.
It is also available as a service to other financial institutions in small or large scale.
In 2023, the Central Bank of Nigeria made several strategic interventions that shaped the
financial landscape. Among these were multiple adjustments to the Monetary Policy
Rate (MPR) and the introduction of new regulatory frameworks for Mobile Money
Operators (MMOs) and Virtual Asset Service Providers.
Mr Ikeazor emphasized, “These
proactive measures of CBN, have been instrumental in stabilising the economy and
promoting innovation in the digital payment space.”
The AGM also marked a period of transition for the leadership of NIBSS.
Amongst other new directors, the Board welcomed Mr Philip Ikeazor and Mrs. Ngover Ihyembe-Nwankwo as Chairman of the Board of Directors and Executive Director, Business
Development respectively.
Mr Ikeazor acknowledged the contributions of the outgoing members, commended their invaluable impact to the company’s growth and success over the years and expressed confidence in the new team’s ability to drive NIBSS to greater heights.
Expressing his excitement about the future, Mr Premier Oiwoh, Managing Director/CEO
of NIBSS, articulated his gratitude to all stakeholders for their unwavering support.
“As we close the 2023 financial year, I am filled with immense pride in what we have achieved
together and the strides we have made in fortifying Nigeria’s payment infrastructure.
The innovations and accomplishments in the past year reflects the dedication and
tenacity of our team, the guidance of our Board, and the steadfast support of our
shareholders and partners.
The trust placed in us by the Central Bank of Nigeria and our stakeholders within the payment ecosystem is both humbling and motivating.
Together, we are building a payment ecosystem that is resilient, innovative and inclusive,” he said.
Mr Oiwoh further added, “Looking ahead, we are excited about the opportunities that
years ahead will bring. We remain committed to fostering collaboration and driving the
growth of Nigeria’s payment system, ensuring that it remains robust, inclusive and
globally competitive.”
