The number of active bank accounts in Nigeria surged to 311.65 million as of December 2024, reflecting a significant increase in financial inclusion, according to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS). The figures indicate a 48.89% rise in active accounts within 12 months, up from 209.31 million in January 2024.…

Amid the economic hardship and digital glitches that dominated last year, financial transactions via electronic payment platforms rose by nearly 80 per cent to break the quadrillion mark for the first time in 2024

ELECTRONIC payment transactions in Nigeria rose by 79.6 per cent over the N600 trillion recorded in 2023 to N1.07 quadrillion for the first time. This is according to data released by the Nigeria Inter-Bank Settlement System (NIBSS) Thursday. While the e-payment data showed a steady increase throughout the 12 months of the year, the highest…

The Nigeria Inter-Bank Settlement System (NIBSS) says the volume of Bank Verification Number (BVN) enrollments in the country has risen to 64.8 million

Barely two weeks to the end of the year, Nigeria’s hope of achieving 95 per cent financial inclusion by December may not be realised as emerging socio-economic challenges, including escalating digital fraud, rising mistrust and deepening poverty slow the process.

Data from the Nigeria Interbank Settlement System (NIBSS) showed that cashless transactions in Nigeria rose by 84.37 per cent to N572.63 trillion in the first seven months of 2024.

Interswitch, an integrated payments and digital commerce company, has announced a strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to further enhance the efficiency and reliability of payment transactions across Nigeria.

The Central Bank of Nigeria (CBN) has introduced some measures targeted at checking the unwholesome practices of some point of sale (PoS) service providers in the country.

Cybercrime attacks and security breaches on Nigerian banks have increased dramatically over the years. While the fraud cases reported last year decreased by six percent, the value of stolen funds increased by 23 per cent to N17.67 billion

Recently, the functioning of algorithms used by banks and financial institutions has become increasingly opaque and difficult to review. This lack of transparency has led to erroneous, arbitrary, and unfair outcomes,..

One of Nigeria’s growing payment infrastructure providers, Zone Payment Network Limited (formerly known as Appzone) has partnered with Nigeria Inter-Bank Settlement System (NIBSS) Plc, the National Central Switch to revolutionise Nigeria’s first Payment Terminal Service Aggregator (PTSA). This collaboration aims to enhance interoperability across the POS payment value chain by leveraging cutting-edge blockchain technology. To…

In the digital era, the widespread occurrence of fake alerts significantly impacts both consumers and financial institutions. These deceptive communications, often posing as harmless emails, SMS messages, or phone calls, are designed to trick recipients.