The Nigeria Inter-Bank Settlement System (NIBSS) says it is exploring offline payment solutions to ensure Nigerians with limited access to mobile data are not excluded from the country’s evolving digital payments ecosystem.
Speaking at the 2026 CHBO Conference in Lagos on Friday, NIBSS Executive Director, Business and Products, Ms Ngover Nwankwo, said financial inclusion must keep pace with innovation as digital payment systems expand across the country.
“Our focus is balancing innovation with inclusion, ensuring no Nigerian is left behind as digital payment adoption grows,” Nwankwo said.
She stressed that cash remains an essential part of Nigeria’s economy and cannot be eliminated, noting that both cash and digital payment platforms must coexist. According to her, digital innovation should protect cash-dependent users while offering secure and efficient services to digital payment users.
Nwankwo commended banks for improvements in cash management, saying cash availability during the December 2025 period was largely seamless, with minimal public complaints. She also highlighted biometric authentication initiatives that allow customers to request and verify bank cards using fingerprints, reducing documentation requirements.
In a presentation at the conference, Managing Director of Bankers Warehouse Plc, Mr Lloyd Onaghinon, said cash continues to play a critical role globally despite the rapid growth of electronic payments. He attributed sustained cash usage to factors such as culture, demographics, trust and financial inclusion.
Onaghinon warned that excessive cash held outside the banking system weakens financial intermediation and undermines effective monetary policy. He called for stronger collaboration among regulators, banks and other stakeholders to balance cash, electronic payments and emerging digital currencies, while rebuilding public trust.
Delivering a goodwill message, the Central Bank of Nigeria urged banks to collaborate with fintech firms and microfinance institutions to formalise idle cash within the economy. The CBN Director of Other Financial Institutions Supervision, Mr Solaja Olayemi, disclosed that about 90 per cent of Nigeria’s cash remains outside the banking system.
He noted that fintech companies and technology-driven microfinance institutions have extensive agent networks, particularly in underserved areas, adding that firms such as Moniepoint, OPay and Kuda now operate with national licences, while others are undergoing licensing.
Other speakers at the conference called for stronger collaboration to address rising digital fraud, urging stricter Know-Your-Customer enforcement, shared threat intelligence, improved vendor risk management and enhanced customer education.
Participants stressed that layered security measures and collective action are critical to building a safe, resilient and inclusive payments ecosystem in Nigeria.