Central Bank of Nigeria (CBN) has identified Nigeria’s real-time payments infrastructure as a strategic national asset, citing its scale, resilience, and role in driving financial inclusion and digital economic growth.
In a fintech ecosystem report developed through extensive stakeholder consultations and a nationwide survey, the CBN said Nigeria’s interoperable instant payments system has become a foundational pillar of the country’s financial system.
The infrastructure enables seamless interbank transfers at population scale and supports a growing share of electronic transactions across retail, corporate, and fintech-led services.
According to the report, more than 25 percent of all electronic transactions in Nigeria are now processed through real-time payment channels, primarily via the Nigeria Inter-Bank Settlement System Instant Payment (NIP) platform operated by Nigeria Inter-Bank Settlement System (NIBSS).
Transaction volumes rose to nearly 11 billion in 2024, up from about 5 billion in 2022, placing Nigeria among the world’s leading instant payments markets.
The CBN noted that Nigeria’s nationwide, real-time interoperable payments infrastructure was first implemented in 2011, well ahead of many advanced and emerging economies.
Continuous collaboration between the regulator, NIBSS, banks, and fintech operators has since strengthened system reliability, uptime, and adoption, making instant transfers a routine feature of daily economic activity.
Regulators said the scale and maturity of the payments system align with the Payments System Vision 2025, which targets near-universal electronic payment penetration by 2030.
Beyond domestic objectives, the CBN described Nigeria’s operational experience as increasingly relevant to peer emerging and high-growth economies seeking to modernise their payments architecture.
The report also positions real-time payments as a critical enabler for broader fintech innovation, including digital lending, merchant payments, remittances, and emerging data-driven financial services.
However, the CBN acknowledged that sustaining growth will require continued investment in supporting infrastructure, including broadband connectivity, digital identity verification, and interoperable data frameworks.
While highlighting the strategic importance of the payments system, the regulator stressed the need to balance innovation with system integrity. Ongoing priorities include strengthening consumer protection, enhancing anti-money laundering supervision, and improving communication around reforms to reinforce trust in the digital financial ecosystem.
As digital transaction volumes continue to expand, the CBN said Nigeria’s real-time payments infrastructure will remain central to its strategy for economic formalisation, financial inclusion, and positioning the country as a reference point in global digital finance.
