The Nigeria Inter-Bank Settlement System (NIBSS) is looking into offline payment solutions as part of its efforts to increase financial inclusion and reach Nigerians who have limited or no access to mobile data.
The project was announced by Ngover Nwankwo, NIBSS executive director for business and products, at the 2026 CHBO Conference in Lagos.
Nwankwo pointed out that the rapid expansion of digital payments must be matched by purposeful inclusion initiatives, cautioning that innovation should not exclude groups of the population that still rely largely on cash.
She emphasised that cash is still an important element of Nigeria's economy and that digital and cash-based payments must coexist to safeguard disadvantaged users while boosting efficiency for digitally connected customers.
Nwanko also commended banks for operational performance, particularly during the December 2025 cash demand period, which she said was met with few public complaints.
Lloyd Onaghinon, Bankers Warehouse Plc,had similar sentiments on the enduring need of cash. He explained that cash usage remained high globally due to cultural, demographic, and trust-related factors
However, he cautioned that surplus currency outside the banking system undermines financial intermediation and monetary policy efficacy, demanding greater cooperation among regulators, banks, and other stakeholders.
Director Solaja Olayemi, representing the Central Bank of Nigeria, stated that around 90% of Nigeria's cash remained outside the banking system and encouraged banks to collaborate with fintechs and microfinance institutions..
He added that fintechs with substantial agent networks, such as Moniepoint, OPay, and Kuda, are better positioned to drive inclusion, with some companies now holding national licenses.
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