The Nigeria Inter-Bank Settlement System (NIBSS) is exploring offline payment solutions to reach Nigerians with limited data access.
NIBSS Executive Director, Business and Products, Ngover Nwankwo, disclosed this on Friday, January 23, 2026, at the 2026 CHBO Conference in Lagos.
This aims to ensure broader participation in the country’s digital payments ecosystem.
What NIBSS said
Nwankwo said the expansion of digital payments must be matched by efforts to include all Nigerians, emphasizing that innovation should not come at the expense of accessibility.
“Our focus is balancing innovation with inclusion, ensuring no Nigerian is left behind as digital payment adoption grows,” she said.
She stressed that cash remains a vital component of the economy and cannot be fully eliminated.
According to her, cash and digital payments must coexist to protect those reliant on cash while providing secure and efficient services to digital users.
Nwankwo also commended banks for operational improvements, noting that cash availability in December 2025 was largely seamless with minimal public complaints. She highlighted the adoption of biometric authentication, which allows customers to request and verify cards using fingerprints without extensive documentation.
Insights from industry players
Presenting a paper, Lloyd Onaghinon, Managing Director of Bankers Warehouse Plc, reinforced the continued importance of cash despite rapid electronic payment growth.
“Globally, cash usage continues to grow, driven by culture, demographics, trust and financial inclusion,” Onaghinon said.
He warned that excessive cash outside banks undermines financial intermediation and weakens the effectiveness of monetary policy. Onaghinon urged collaboration among regulators, banks, and stakeholders to balance cash, electronic payments, and digital currencies, while rebuilding public trust.
Delivering a goodwill message, the Solaja Olayemi, Director Central Bank of Nigeria (CBN), encouraged banks to work with fintechs and microfinance institutions to formalize idle cash in the economy.
Olayemi said about 90 percent of Nigeria’s cash remains outside the banking system.
“Fintechs and technology-driven microfinance institutions have wider agent networks, especially in underserved areas,” he said.
Olayemi noted that fintechs such as Moniepoint, OPay, and Kuda have now obtained national licences, with several other companies undergoing licensing.
Why this matters
Over the past several years, Nigeria’s payments landscape has shifted rapidly toward digital channels. Electronic payments in the first quarter of 2025 reached N284.9 trillion, up from N234.4 trillion the year before.
This growth is largely driven by real‑time transfers across internet banking, mobile apps, USSD, POS, ATM, and other digital channels. Despite this growth, many Nigerians still face barriers to fully participating in the digital economy.
Millions of Nigerians continue to rely on basic mobile phones rather than data‑dependent smartphone apps, and offline or low‑data payment solutions could bridge this divide, ensuring more inclusive access to financial services
Offline payment methods would allow users to transact without relying on constant internet connectivity, addressing gaps in access and usability.
What you should know
According to a Global System for Mobile Communications Association (GSMA) report, about 60% of Nigerians do not use mobile internet at all.
Within that figure, around 18% have a mobile phone but do not use internet services, and a further 42% lack a capable internet‑enabled device entirely. That means only a small minority of the population is actively using mobile internet via smartphones or smart feature phones.
This usage gap translates into millions of Nigerians being unable to reliably access data‑dependent digital payment apps, with reports indicating that roughly 120 million Nigerians were not connected to mobile internet as of 2023.
