According to the Nigeria Interbank Settlement System (NIBSS) data, since their 2013 introduction, PoS terminals have become the go-to for cash for many Nigerians, with about 1,600 PoS operators per square kilometre. There were 8.36 million registered PoS terminals, with 5.90 million active/deployed as of March 2025. Transactions hit N10.51 trillion in Q1 2025, a 301.67 per cent increase from Q1 2024.

In 2024, that the Nigerian Interbank Settlement System (NIBSS) had been mandated to develop a geofencing plan to prevent terminals from being used outside their deployment addresses. Under this latest directive, NIBSS will disable a terminal that has been moved beyond its certified location.

To ensure compliance, the CBN has ordered all payment terminals to be registered with a Payment Terminal Service Aggregator (PTSA) —NIBSS or Unified Payment Services Limited — with accurate latitude/longitude coordinates indicating the merchant/agent place of business/service and status.

Terminals not directly routed to a PTSA are not permitted to transact, and all operators must ensure that their PoS terminals and applications are certified by the National Central Switch (NCS).

For the CBN, digital innovations ranging from self-service technologies like cell phones, online and mobile banking, Artificial Intelligence, big data, blockchain technology, distributed ledgers, among others, have greatly challenged orthodox systems and helped improve the operational efficiency of financial institutions as they respond to customer demands for more innovative services.

Recognising the growing importance of consumer protection in an increasingly digital financial landscape, Cardoso embarked on a comprehensive review of consumer protection regulations. This review sought to upgrade the regulatory framework to address emerging risks posed by the rapid growth of Fintech and digital banking solutions.

Nigeria and other Africa’s digital payments landscape is already expanding at a record pace, marking a turning point towards more inclusive interoperable financial systems.

Already, 36 systems are now live across 31 African countries, with five launched over the past year. Collectively, they processed 64 billion transactions worth nearly $2 trillion last year, underscoring Africa’s rapid transition to digital finance.

Nigeria’s Instant Payments (NIP) became the first system to achieve mature inclusivity on the AfricaNenda Inclusivity Spectrum, while 10 others have advanced to progressed levels.

Beyond person-to-person (P2P) transfers, more systems are enabling person-to-business (P2B), government-to-person (G2P), and cross-border payments.

The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, released by the AfricaNenda Foundation, in partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA), reveals how instant payment systems (IPS) are driving economic participation, innovation, and opportunity across the continent.

CEO, AfricaNenda Foundation, Dr. Robert Ochola, said IIPs are redefining how the African economies connect, adding that progress has been made.

“Inclusive instant payments (IIPs) are transforming how Africans connect economically. The findings of SIIPS 2025 show clear progress — more countries are adopting instant payment systems, and more people are gaining access to digital financial services that support livelihoods, trade, and growth across the continent,” Dr Ochola said.

The World Bank acknowledged improvement but noted that more still needed to be done. The global bank urged countries without fast payment systems to begin implementations, while those already operating them should focus on greater inclusivity, innovation, and affordability in digital payment services.

Also commenting on the report, Chief of Section, Innovation and Technology, UNECA, Dr. Mactar Seck, said: “For digital payments to reach everyone, inclusion must be intentional. The data from SIIPS 2025 gives policymakers and regulators the confirmation they need to design ecosystems that serve marginalized parts of Africa’s communities. That is, women, youth, the informal sector and those in rural communities at large.”

The report points to significant opportunities for growth through digital public infrastructure (DPI) integration, government-to-person (G2P) payments, and cross-border interoperability.

A financially stable Africa’s financial system comes with great benefits for the continent.
 
Aside creating a larger single market, increasing intra-African trade, boosting productivity and competitiveness, a financially stable Africa will help in attracting more foreign direct investment to the continent.
 
That explains why the Central Bank of Nigeria (CBN) and the Bank of Angola recently signed a Memorandum of Understanding (MoU) for bilateral technical cooperation.
 
The partnership further extends to payment, clearing and settlement systems management, financial sector development, banking supervision and regulation as well as Anti-Money Laundering and Countering the Financing of Terrorism.
 
Cardoso, who signed on behalf of the Bank alongside the Governor of the Central Bank of Angola, Manuel Antonio Tiago Diaz, noted that the MoU aligns with Africa’s broader goals of economic integration and financial stability.
 
Both apex bank leaders said the partnership marks a critical development between the two institutions in their efforts to deepen bilateral cooperation and technical exchange.
 
Both institutions are by the MoU expected to establish a bilateral forum for the reciprocal exchange and sharing of technical assistance between the authorities,  to enhance capacity in the execution of their respective Central Bank functions.
 
They are also expected to cooperate and collaborate in the cross-border supervision of authorized institutions and exchange of cybersecurity information between them.
 
According to them, the institutions are to partner on licensing, supervision, resolution planning and implementation of resolution measures for cross-border financial establishments.
 
They are also to ensure transparent and smooth periodic exchange of Information as well as define procedures for exchange of information.
 
The cooperation will also extend to exchange control, financial markets and foreign reserves management, currency management and  economic research. Both central bank leaders said it is their hope that the outcome of the MoU implementation will be a win-win for both parties.

Martins, a financial analyst wrote from Abuja.