August 15, (THEWILL) – The Nigeria Inter-Bank Settlement System Plc (NIBSS), on Thursday, August 15, 2024, held its 30th Annual General Meeting (AGM) at its headquarters on Ahmadu Bello Way, Victoria Island, Lagos. The event 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 (CBN), 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.”
Last year (2023) marked significant achievements for NIBSS, driven by its 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, and enhancing data sovereignty in our identity and payment system while also catering for domestic 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% of critical applications to a modernised platform. This development ensures greater availability, scalability and redundancy for the national digital infrastructure, reinforcing NIBSS’s 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 on a 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 emphasised, adding “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 on 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.
His words, “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 reflect 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.”
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.”
NIBSS emphasised that it is poised for strategic growth and innovation in the years ahead, focusing on expanding financial inclusion and enhancing digital payment infrastructure.
Committed to advancing Nigeria’s payment system, the firm said it will continue to leverage emerging technologies and deepen partnerships to ensure seamless and inclusive payment experiences for all Nigerians.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
