The Central Bank of Nigeria (CBN) has officially recognized the country’s real-time payments infrastructure as a cornerstone of national economic growth.
Praised for its scale, resilience, and role in driving financial inclusion, the system is increasingly seen not just as a tool for daily transactions but as a strategic national asset supporting Nigeria’s digital economy.
Real-Time Payments Now a Daily Norm
According to a recent fintech ecosystem report, developed through extensive stakeholder engagement and a nationwide survey, Nigeria’s interoperable instant payments system has become a backbone of the financial sector.
It enables seamless interbank transfers at scale and supports a growing share of electronic transactions across retail, corporate, and fintech-driven services.
More than a quarter of all electronic transactions in Nigeria now flow through real-time payment channels, mainly via the Nigeria Inter-Bank Settlement System Instant Payment (NIP) platform managed by NIBSS. Transaction volumes nearly doubled from around 5 billion in 2022 to almost 11 billion in 2024, putting Nigeria among the world’s most active instant payment markets.
A Pioneer in Instant Payments
Nigeria’s nationwide real-time payments infrastructure was first rolled out in 2011 — years ahead of many advanced and emerging economies.
Over time, collaboration between the CBN, NIBSS, banks, and fintech operators has strengthened system reliability and uptime.
Today, instant transfers are not just possible; they have become a routine part of daily economic life across the country.
Driving the Payments System Vision 2025
The scale and maturity of Nigeria’s payments ecosystem align closely with the CBN’s Payments System Vision 2025, which aims for near-universal electronic payment adoption by 2030.
Beyond domestic priorities, Nigeria’s experience is increasingly seen as a model for other emerging and high-growth economies looking to modernize their payment infrastructures.
Enabling Fintech Innovation and Digital Services
Real-time payments are more than just a transfer mechanism — they’re a platform for fintech innovation.
The report highlights their role in digital lending, merchant payments, remittances, and other data-driven financial services.
This infrastructure is a key enabler for startups and traditional financial institutions alike, supporting the expansion of Nigeria’s digital financial ecosystem.
Investing in the Future
The CBN notes that sustaining this growth requires continued investment in supporting infrastructure.
Priorities include expanding broadband connectivity, implementing robust digital identity verification, and developing interoperable data frameworks to keep the system agile and inclusive.
Balancing Innovation and Integrity
While celebrating the strategic importance of the payments system, regulators stress the need to maintain trust.
Consumer protection, anti-money laundering oversight, and transparent communication around reforms remain central to ensuring the system’s integrity.
Looking Ahead
As digital transactions continue to expand, the CBN sees Nigeria’s real-time payments infrastructure as a vital tool for economic formalization, financial inclusion, and global competitiveness.
With its proven track record and ambitious vision, the system is set to keep Nigeria at the forefront of the digital finance revolution.
What’s Next
The coming years will test the ability to scale further while safeguarding system integrity.
Investments in connectivity, digital IDs, and interoperable frameworks, along with careful regulatory oversight, will determine how Nigeria leverages its payments infrastructure to drive inclusive and sustainable economic growth.
