• Claims future-ready payment rail critical to $1tr economy target
• FCCPC cautions transporters against arbitrary fare hike 

Against the usual frictions that come with digital payments during the yuletide period, the Nigeria Inter-Bank Settlement System (NIBSS) has assured seamless electronic payment (ePayment) transactions this festive season.   
  
This assurance comes amid N384 trillion in quarterly transactions across all e-payment platforms in the country, as of July. NIBSS said there were 325.6 million active accounts as of August 2025; 66.8 million registered Bank Verification Numbers (BVN) as of September 2025, and 143 million expected smartphone users by the end of 2025.
  
Speaking during a session with the 2025 Fellows of the DPI/DPG journalism fellowship organised by the Media Foundation for West Africa (MFWA), Head, Operations Department, NIBSS, Mrs Ekeoma Chidi-Ugorji, said the system was ready to take on transactions this yuletide, stressing that at the last yuletide, NIBSS processed about 14 billion transactions daily.
  
Chidi-Ugorji said as part of the processes, NIBSS had cleaned its servers and database to ensure that digital payments are seamless this season.
  
“We are prepared for the surge. We know that people will be on holiday and would have lots of expenses to make this period. We have readied the servers. Staff are not allowed to go on leave this period as we ensure 24/7 monitoring. This is to ensure that people are on the ground to support the system. All the systems and desks are fully manned. NIBSS is ready to take on an ePayment surge this season,” she stated.
  
She disclosed that financial institutions have also been told to ensure hitch-free transactions on their various digital payment platforms. On his part, the Head, Strategy and Research, William Uko, said that as Nigeria aimed for a $1 trillion economy by 2030, it needed a future-ready payment rail to undergird digital infrastructure.
  
Stressing that Digital Public Infrastructure (DPI) enables the delivery of public services and supports economic activity, he noted that a strong DPI has three foundational systems, including identity, digital payments and data exchange.
  
Uko said the objectives of Nigeria’s DPI include the convergence of digital identity and payment to create next-generation digital infrastructure, drive digital payment innovation, deepen financial inclusion, and improve government social intervention, tax payments, and revenue collections.
 
Noting that 64 per cent of Nigeria’s population is within the financial space, Uko stressed that without infrastructure, “we cannot build the ecosystem.”

MEANWHILE, the Federal Competition and Consumer Protection Commission (FCCPC) has cautioned inter-city road transport operators against arbitrary and unexplained fare increases during the ongoing yuletide travel period, following a surge in consumer complaints across several parts of the country.
  
The commission recognised that seasonal demand, operational pressures and other legitimate cost factors might affect transport pricing.
Since consumers are entitled to clear, accurate, and timely information on fares before travel, it stated that any fare adjustment must therefore be transparently communicated and applied fairly.
  
The FCCPC, in a statement by its Director, Corporate Affairs, Ondaje Ijagwu, also noted that the complaints were arising amid reports of reductions in the pump price of premium motor spirit across parts of the country.
  
While fuel cost is only one of several variables that may influence transport fares, it said that increases that are not properly explained or disclosed raise valid concerns about consumer protection.
  
Commenting on the development, the Executive Vice Chairman and Chief Executive Officer of the Commission, Tunji Bello, said the FCCPC “is closely monitoring market conduct throughout the festive season and has intensified engagement with transport unions, park managers and operators nationwide.”
  
He explained that the engagements were preventive in nature and aimed at encouraging responsible pricing, voluntary compliance and orderly market behaviour.
  
Bello clarified that price increases were not, in themselves, unlawful, adding: “However, conduct that exploits consumers or takes unfair advantage of heightened seasonal demand may attract regulatory attention under the Federal Competition and Consumer Protection Act (FCCPA) 2018.”