Financial technology should remove obstacles, not create them, says Adeoye
The Nigeria Inter-Bank Settlement Systems (NIBSS) has said it’s in talks with the National Assembly to create laws or improve the existing ones to strengthen the fight against fraud.
It said it’s also working with the Nigeria Police Force (NPF) and the Judiciary in the fight against menace.
Executive Director, NIBSS, Ngover Ihyembe-Nwankwo, made this known at the weekend in Lagos during the launch of PaywithAccount, a direct-from-account payment solution system by OnePipe.
He said: “At NIBSS, our core vision is to empower the financial ecosystem to innovate within the framework of interoperability, ease of connectivity, collaboration, and cost-optimisation.
So, PaywithAccount is another heartening example of what happens when industry players leverage these guardrails to enhance the overall quality of our nation’s digital payment system.
“There are a lot of small, medium and macro-scale businesses, but there are challenges in how they receive payment for the goods and services they provide. The NIBSS is still open to more fintech collaborations to solve problems.”
Speaking about fraud and what the agency is doing to tackle the menace, she said: “There is an industry fraud desk within the National Identity Management Commission (NIMC); what we have done in the last year is to strengthen the industry fraud desk. We have also put in place tools able to flag transactions in flight. Over the last three months, we have been working with the Nigeria Police Force’s National Cybercrime Centre on how we can ensure that cyber criminals are identified and adequately prosecuted.
We are also working with the judiciary to identify areas where we can ensure less friction. We are also working with the National Assembly to create new laws or strengthen existing laws to bring them in line with today’s reality.
The Chief Operating Officer of OnePipe, Ope Adeoye, also said that though small businesses remain the backbone of the Nigerian economy, too many struggles arise in getting payment.
For many small business owners, cash flow isn’t just a challenge, it’s a constant battle.
A study by Pricewaterhouse Coopers (PwC) revealed that 48 per cent of Nigerian Micro, Small, and Medium Enterprises (MSMEs) have experienced delayed payments due to different reasons, with 33 per cent of affected businesses reporting severe consequences. Traditional systems often involve manual invoicing, repeated follow-ups, and high transaction fees, leaving business owners with less time to focus on growing their operations.
In response to this challenge, OnePipe has launched PaywithAccount, a direct-from-account payment solution that helps businesses automate and simplify collections, reducing delays and improving cash flow predictability.
Adeoye said: “We believe financial technology should remove obstacles, not create them. This is a commitment to empowering Nigerian businesses. PaywithAccount helps businesses worry less about collections so they can focus on what truly matters and serving their customers.”
“With PaywithAccount, small businesses across Nigeria can now eliminate the stress of late payments, automate their collections, and take full control of their financial future.
Founder, Lendsqr, Adedeji Olowe, at the launch said: “Reliable repayment is the backbone of growth for lenders. We understand that payment delays are a significant problem for lenders. We have helped many of our lenders transition from debit cards to PaywithAccount which reliably ensures loan repayments are on schedule.”
Founder, King’s Court School, Lagos, Olumide Ashade, said: “Many of our parents pay in installments, but managing these payments manually has been stressful. A solution like PaywithAccount means we can offer flexibility to parents while keeping our finances in order.”
