Every tap, click, and transfer was a potential battlefield, with faceless cybercriminals working tirelessly to siphon away the hard-earned money of everyday Nigerians.

By 2024, the attackers were winning, breaching digital defenses to steal a staggering ₦52.26 billion. It felt like an unstoppable tide.

But then, the ecosystem fought back.

Banks tightened their algorithms, fintechs erected stronger digital fortresses, and everyday users grew wiser to the tricks of the trade.

According to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS), this collective resistance paid off dramatically in 2025.

In a stunning plot twist for the fraudsters, digital payment fraud plummeted by 51 percent over the course of twelve months. The bleeding was effectively cut in half, with losses dropping to ₦25.85 billion.

While the war is far from over, and billions are still being chased through the digital ether, the narrative has shifted. Nigeria’s financial ecosystem proved that it is no longer an easy target; it’s a system that learns, adapts, and strikes back.

The figures were disclosed by Premier Oiwoh, the managing director and chief executive officer of NIBSS in Lagos, recently.

Addressing participants at the event themed ‘Shrinking Fraud Losses With ISO 20022 & Identity Management,’ Oiwoh noted that while the number of fraud cases has steadily declined over the past five years, the value of losses remains the key concern.

“Looking at industry fraud over the past five years, the number of cases has declined significantly. While case counts are important, what matters more is the value. In 2023, actual losses stood at about ₦17.67 billion.

In 2024, losses rose to ₦52.26 billion, largely driven by a single fraud incident of ₦31.1 billion involving one entity. In 2025, losses dropped significantly,” he said.

Data presented at the forum showed that fraud incidents fell from 123,918 in 2021 to 67,518 in 2025, with a small four per cent decline in the last year.

Geographically, Lagos accounted for 63.43 per cent of fraud activity, reflecting its role as Nigeria’s commercial hub.

Abuja, the Federal Capital Territory (FCT), recorded 3.12 per cent, while Ogun, Rivers, and Delta States contributed between 2.09 per cent and 2.51 per cent of total fraud volume.

E-commerce and internet banking remain the channels most affected, followed by point-of-sale, mobile, and web platforms. Oiwoh highlighted social engineering, particularly insider abuse, as the most prevalent fraud technique.

“Insider involvement is high, and recent investigations have confirmed this. Services such as SIM swap fraud, account compromise, and phishing continue to evolve. Awareness remains critical, as many victims are still easily deceived,” he said.

The NIBSS boss stressed the importance of institutional controls, monitoring staff activity, and coordinated industry action.

According to Oiwoh, joint industry measures last year prevented about ₦20 billion in potential losses. Despite this, fraud reporting fell by 34 per cent in the final quarter of 2025.

“While some institutions reported zero incidents, non-reporting is unacceptable.

Reporting enables tracking and investigation. In several cases investigated last year, individuals involved in fraud simply moved to other institutions because incidents were not reported,” he added.

The forum also discussed the adoption of the ISO 20022 standard and identity management systems as tools to strengthen transaction security and reduce the risk of digital payment fraud.

The post NIBSS: Digital Payment Fraud Drops 51% to ₦25.85b in 2025 appeared first on Tech | Business | Economy.

The lobbying, aimed directly at President William Ruto, shows the level of interest Kenya’s financial infrastructure upgrade is receiving lately.

In a letter seen by Techeconomy, Ceva formally requested a meeting with Ruto, proposing to introduce NIBSS as a strategic partner for the project. 

The letter, signed by Ceva’s Managing Director, Yatin Mehta, suggested holding the meeting on 20th or 21st March 2025. “We are writing to formally request a meeting with you at your earliest convenience,” the letter stated. “The purpose of the meeting is to introduce our partner, the Nigerian Interbank Settlement Systems (NIBSS).”

The proposed meeting, including NIBSS CEO Premier Oiwoh, head of Partnerships Yvonne Ige, and Mehta himself, also expected David Kiprono, director of Webmasters Kenya Ltd—the company behind the development of Kenya’s e-Citizen platform.

NIBSS, owned by the Central Bank of Nigeria (CBN) alongside commercial banks, is the backbone of Nigeria’s financial transactions. Ceva, an international payments firm operating in India, Nigeria, Kenya, and Brazil, claims to process $40 billion annually. Their pitch? A solid system designed for Africa, by Africa.

“Our robust infrastructure is developed in Africa, for Africa,” Ceva wrote in its letter. “AfriGo is NIBSS’ answer to Africa having its own card processing, driving our economic independence and efficiency. India has done it with Rupay, China has done it with UnionPay, UAE has done it with Jaywan, Brazil has done it with PIX.”

The bid, however, is being resisted. Local financial heavyweights, including mobile money giant Safaricom and the Kenya Bankers Association (KBA), argue that instead of building a new FPS from scratch, the government should upgrade the existing PesaLink system. 

According to them, a fresh system could cost up to $200 million and take four years to complete, whereas improving PesaLink—a platform handling $8.5 billion annually—would be faster and cheaper.

The Central Bank of Kenya (CBK) has yet to decide on the FPS upgrade, but the competing interests show the high stakes. While NIBSS and Ceva see an opportunity to boost Kenya’s payment sector, others warn of potential disruptions and unnecessary costs.

For now, the ball is in CBK’s court. If the Nigerian-backed proposal gains traction, it could completely change digital transactions in Kenya, enhancing interoperability across banks, SACCOS, mobile money operators like M-Pesa, and fintech firms. 

But if Safaricom and the KBA succeed in their counter-lobbying, Kenya may opt for an upgrade rather than a full-scale overhaul.

The post Nigeria’s NIBSS Bids for Kenya’s $200M Digital Payment System appeared first on Tech | Business | Economy.

The enhancements aim to make digital payments more seamless for businesses and individuals while supporting Nigeria’s drive towards a cashless economy.

Speaking on the improved system, Premier Oiwoh, managing director and CEO of NIBSS, noted the unique properties of NQR, particularly its ability to process payments instantly. “This account is the only QR in the world that is instant for the beneficiary,” he stated.

Key Improvements

The latest architectural updates address various challenges that previously affected the system’s efficiency. 

An interesting upgrade includes instant transaction reversals, ensuring that failed payments are immediately refunded without the delays that users previously experienced. 

Again, a single session ID will now be maintained from the beginning to the end of a transaction, simplifying reconciliation and reducing discrepancies in payment references.

Speed has also been improved by minimising the number of calls between banks and NIBSS Instant Payment (NIP), thereby lowering transaction latency. Security has been strengthened with an enhanced authentication framework designed to prevent fraud, and the fee processing system has been simplified to enhance the merchant experience.

Oiwoh also noted that the system now supports both Person-to-Person (P2P) and Entity-to-Person (E2P) payments, significantly increasing its use cases. “Beyond the P2P, there is also E2P on the MQR, and most of the bank apps have it today,” he explained.

Another interesting feature of the NQR upgrade is the ability for individuals to send their personal QR codes to others for payment instead of sharing account numbers. “You can also send your personal QR code to anybody to pay you rather than send an account number,” Oiwoh said.

The improved system is expected to benefit businesses of all sizes. Oiwoh shared his vision for widespread adoption, including street vendors using QR codes embedded in ID cards to receive payments. “My dream is to have hawkers on the streets being able to present their QR in the form of an ID card and then make payment. Cash cannot be everywhere, what we are all looking for is payment,” he added.

As part of the upgrade, a new pricing structure for NQR payments will take effect from 1st March 2025. This change is expected to make digital transactions even more cost-effective for users.

Lagos State Embraces NQR Payments

The adoption of NQR payments has been growing, particularly within the public sector. Oiwoh revealed that the Lagos State Government has generated over 750,000 QR codes for payments related to essential services, including water bills and land duties. This system enables residents to settle their bills by simply scanning a QR code from their homes, eliminating the need for bank visits.

“You will receive your bill—whether for water or land duty—and simply scan to pay from the comfort of your house. Just yesterday, a Lagos State Commissioner reached out, requesting the same solution. The demand is growing because it’s all about convenience,” Oiwoh noted.

Beyond government services, religious institutions are also leveraging NQR for digital donations. Oiwoh pointed out that QR-based offerings tend to be higher than cash donations. “If you go to some churches today, you scan and make payments. When people are making offerings, it is easy for you to dip your hand in your pocket and bring out N20. One thing I have noticed is that when people scan the QR code in the church, on rare cases it’s nothing less than N5,000,” he said.

What This Means for Users

With these upgrades, customers can expect faster, more secure, and more convenient digital transactions. Failed payments will now be instantly reversed, eliminating previous frustrations. Businesses will also benefit from real-time payment notifications and improved reconciliation tools, making it easier to manage sales and reduce disputes.

The introduction of dynamic QR codes will further enhance security by generating unique transaction identifiers for each payment, reducing errors. Additionally, merchants will be able to offer personalised promotions through “payment playlists,” boosting customer engagement.

With the new NQR framework, Nigerians can look forward to a more consistent and reliable digital payment process across different financial platforms.

The post NIBSS Enhances NQR Payment System for Faster, More Secure Transactions appeared first on Tech | Business | Economy.

This partnership follows a recent directive from the Central Bank of Nigeria (CBN), which mandates that all Point of Sale (POS) transactions must be routed through the Payment Terminal Service Aggregator (PTSA).

This directive, issued to improve the monitoring of electronic transactions nationwide, marks a key step in strengthening the country’s payment ecosystem.

Under this agreement, NIBSS will serve as the primary PTSA for Interswitch, creating a foundation for improved transaction efficiency and regulatory compliance.

The partnership also opens avenues for collaboration in other areas, with both organisations focused on driving innovation and advancing Nigeria’s broader payment infrastructure.

Akeem Lawal, managing director, Payment Processing and Switching (Interswitch Purepay), expressed excitement about the partnership, emphasising its significance in advancing the payments industry in Nigeria: 

“We are delighted to strengthen our collaboration with NIBSS as we align with the CBN’s directive. This partnership reinforces our unwavering commitment to maintaining the highest standards in payment processing in Nigeria, while driving significant value for our stakeholders and the broader industry.

“By bringing our robust infrastructure to bear in this partnership with NIBSS, we will ensure further improvements in connection capacity, system uptime, and transaction success rates. This collaboration ensures full compliance with the CBN’s requirements and delivers a seamless, reliable experience for merchants and consumers across Nigeria,” Lawal said.

In addition to meeting the CBN’s compliance directive, Interswitch and NIBSS are working on introducing solutions for terminal re-certification and optimising transaction processing uptime.

These efforts will provide merchants and consumers with enhanced reliability and efficiency in transaction processing.

Speaking on the outcome of the directives by the CBN, Mr. Premier Oiwoh, the managing director and CEO of NIBSS, stated:

“This collaboration with key industry players like Interswitch represents a significant milestone in our mission to drive innovation and enhance payment system efficiency. The strategic alliance strengthens the monitoring of electronic transactions, improving tracking and oversight across Nigeria. Ultimately, positioning Nigeria at the forefront of the global payment industry.”

Through this collaboration, customers and partners can expect enhanced reliability and efficiency in transaction processing. Interswitch and NIBSS are committed to ensuring a smooth transition, with ongoing pilots and rigorous testing to prevent service disruptions.

The two companies will continue to roll out new solutions, features, and enhancements as part of this alliance, contributing to the sustained growth and development of Nigeria’s financial ecosystem.

This partnership highlights the dedication of both Interswitch and NIBSS to delivering innovative and efficient solutions that strengthen the compliance and resilience of Nigeria’s payment infrastructure.

Interswitch remains committed to pushing the boundaries of innovation to deliver payment solutions that enable commerce across Africa.

The post Interswitch Partners NIBSS to Strengthen Nigeria’s Payment Infrastructure appeared first on Tech | Business | Economy.

This collaboration, Techeconomy can report, aims to enhance interoperability across the POS payment value chain by leveraging cutting-edge blockchain technology.

To address the challenges of transparency and provide more efficient payment processes in Nigeria Payment System, the Central Bank of Nigeria (CBN) has established the Payment Terminal Service Aggregator (PTSA) license category.

This regulation mandates that all licensed financial service providers must connect and route their POS transactions through a PTSA. The goal is to improve the payment experience for individuals and merchants, streamline reconciliation processes and ultimately reduce financial losses and cost of operations for Banks and other financial institutions.

The partnership between NIBSS and Zone is set to enhance the POS payment rail by utilizing blockchain technology to facilitate transaction processing between banks and other financial service providers.

It will significantly enhance the reliability and security of transactions, ensuring efficient and secure processing.

With the introduction of decentralized card routing, Banks and fintechs will be able to perform card routing between POS terminals and cardholder banks while remaining fully compliant with both payment switching and PTSA regulations as defined by the Central Bank.

A critical feature of this partnership is the automated resolution of chargebacks, allowing refunds for declined transactions to be processed within minutes, eliminating the need for manual intervention and reducing the inconvenience of frequent bank visits for customers.

Additionally, it will validate final transaction status in real-time, thereby enhancing liquidity and improving overall business operations.

This timely access to funds is a game-changer for merchants.

As Nigeria transitions further to a more digital society, this will significantly improve the overall card-holder experience through enhanced service reliability, faster response time and reduced transaction processing cost, all of which are crucial in supporting the expected scale of transactions.

Agent networks will also benefit from the opportunity to generate more revenue thereby incentivizing the expansion of financial services.

Speaking on the outcome of the directives by Mr. Premier Oiwoh, the CBN, the managing director and CEO of NIBSS, stated,

“These partnerships and collaborations with key industry players represent a significant milestone in our mission to drive innovation and enhance the efficiency of the payment system. The strategic alliances will revolutionize the ecosystem, offering improved operational efficiency, cost savings and enhanced financial inclusion, ultimately positioning Nigeria at the forefront of the global payment space”.

On his part, Obi Emetarom, CEO and Co-founder of Zone, added,

“This partnership with NIBSS reflects our unwavering commitment to transform the payment landscape in Nigeria. By harnessing the power of blockchain technology, we are setting a new standard for reliable, frictionless, and universally interoperable payments in the industry.”

The post Zone, NIBSS Join Forces to Revolutionize Payment Terminal Service Aggregator (PTSA) Functions Using Blockchain Technology appeared first on Tech | Business | Economy.

Afrigo card is operated by AfrigoPay Financial Services Limited (AFSL), a national domestic card scheme duly licensed by the Central Bank of Nigeria.

The Nigerian National Domestic Card Scheme is a robust in-country scheme tailored to address the specific requirements of Nigeria’s payment industry and provide innovative offerings to empower Africa’s payment ecosystem.

With the implementation of this scheme, the industry will reap benefits which include improved transaction security, data sovereignty, better pricing opportunities, interchange fee reduction, reduced demand for FX and less pressure on the Naira whilst developing local skills in the card and payment space. Other advantages include a boost to financial inclusion, value retention, flexibility not to mention it is  a source of national pride.

Speaking during the event, Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria, expressed the central bank’s commitment to ensuring a secure national payment system in Nigeria.

He stated ‘Millions of Nigerians are still unable to make use of payment cards to consummate transactions. We can no longer neglect the vast majority of Nigerians whose daily payment needs are micro payments. We need to capture them in national statistics, to further understand their transaction dynamics and properly target interventions.’ Indeed, Afrigo presents an opportunity to integrate the informal segments of our economy and bring more Nigerians into the formal financial services system.

Mrs. Aishah Ahmad, the Deputy Governor, Financial Systems Stability, Central Bank of Nigeria & Chairman, NIBSS PLC,  enthused ‘Today is a strategic turning point for payments in Nigeria and a source of deep national pride. Afrigo is Africa’s most promising domestic card scheme given the rapid growth of electronic payments in Nigeria, the continent’s most populous nation. It is a monumental development for several reasons, not in the least is the fact that it gives us sovereignty over our data, saves cost for the industry, and presents a new vista of opportunities for the card business”.

In her presentation, she further detailed the rationale behind the name Afrigo – which represents the continents ethnic diversity combined with progress, empowerment and inclusiveness laced with our predominant Nigerian green.

Furthermore, Premier Oiwoh, the MD of NIBSS, highlighted the key benefits of the scheme to Nigerians. According to him, “one of the major values of the scheme is the reduced operating cost as well as other benefits such as a secured platform, loyalty scheme, credit cards, and virtual cards amongst others”.

The launch of the Nigeria National Domestic Scheme will present a new payment era in the Nigerian payment ecosystem and unveils the unique opportunities presented by the Nigerian financial industry.

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