ACAMB, the Association of Corporate Communication and Marketing Professionals in Banks, recently visited the Nigeria Inter-Bank Settlement System (NIBSS) in Lagos to advocate for the broader adoption of QR code payments and the strengthening of payment systems within the country's financial sector. The visit marked a significant step towards fostering collaboration between regulatory bodies and industry players, aiming to streamline communication and ensure consistent messaging during service disruptions. During the meeting, ACAMB emphasized the importance of a unified platform where banks can discuss innovations, address challenges, and share insights to drive the sector forward.
The discussion highlighted concerns regarding the reliability of digital payment infrastructure and the need for transparent communication during system outages. ACAMB President, Jide Sipe, expressed the desire for a centralized forum where banks can engage directly with NIBSS to align strategies and promote clarity among consumers. He underscored the necessity of accurate information being disseminated during crises, rather than relying on external narratives. To achieve this, ACAMB proposed organizing a stakeholders' conference that would facilitate direct dialogue between corporate communications leaders and NIBSS representatives.
NIBSS Managing Director and CEO, Premier Oiwoh, responded by affirming the organization's commitment to financial inclusion and the enhancement of digital payment systems. He stressed that reliable payment infrastructures are essential for economic growth and that NIBSS has been actively working to improve these systems. Since joining NIBSS in May 2019, Oiwoh noted that the organization has focused on maintaining industry fairness and trust by monitoring transaction velocities and distributing loads efficiently to prevent service interruptions. He also highlighted the significance of NIBSS Instant Payment (NIP), which he described as Nigeria's first account-based instant transfer system, setting a global precedent upon its launch approximately 15 years ago.
Furthermore, Oiwoh mentioned the development of the National Payment Stack (NPS), a critical initiative aimed at reducing transaction times and improving overall efficiency. This stack represents a strategic move by NIBSS to support the broader goal of transitioning Nigeria toward a more integrated and efficient financial ecosystem. The discussions also touched on the potential of emerging technologies such as artificial intelligence and the internet of things, which could further revolutionize the payment landscape by making transactions more personalized and seamless.
Despite these advancements, the Nigerian financial landscape still faces challenges, particularly in terms of cash dependency. According to the latest data from the Central Bank of Nigeria (CBN), the amount of cash held outside the banking system reached N5.19 trillion in May 2026, representing a slight decrease from previous months but remaining high compared to historical levels. This highlights the ongoing struggle to shift the economy away from cash reliance, even as digital payment solutions continue to expand. The CBN has set ambitious goals to onboard 50 million more Nigerians into the formal financial system by 2028, as part of its broader vision to establish Nigeria as a leading payments hub in Africa.
Meanwhile, companies like Xpress Payment Solutions Limited are contributing to this transformation by leveraging technology to simplify financial services. With a decade of experience, the company has processed transactions valued in the trillions of naira, facilitating everything from school fee payments to utility bill settlements. Its managing director, Wale Olayisade, emphasized the role of emerging technologies such as AI and IoT in shaping the future of finance, promising more intuitive and user-friendly payment experiences. As the financial sector continues to evolve, the collaboration between organizations like ACAMB, NIBSS, and others will play a crucial role in driving innovation and ensuring that Nigeria's payment systems remain robust and responsive to the needs of its citizens.
3 reports
The PunchIndependentCenterFactual 95Objective 9512 days agoAs of May 2026, the amount of cash held outside Nigeria's banking system reached N5.19tn, despite the Central Bank of Nigeria's (CBN) ongoing initiatives to promote digital payments and financial inclusion. This represents a 2.15% increase from April 2026 and a 12.07% rise compared to May 2025. Currency in circulation also increased slightly during the same period, reaching N5.69tn. Approximately 91.27% of this currency remained outside the formal banking sector, showing a slight decrease from the previous year but still highlighting the country's reliance on cash. Despite the growth of electronic payment systems and other financial technologies, the high level of cash usage continues to challenge the effectiveness of monetary policy, as it limits the role of banks in managing funds through deposits and credit creation.
Bias read (Center): The article presents statistical data and quotes from the Central Bank of Nigeria without overtly favoring any particular political stance. It reports on economic trends and policy goals without using biased language or selectively citing sources.
Why these scores (Factual 95 · Objective 95): Factuality is very high with detailed statistical data from CBN and clear reporting of trends. Objectivity is excellent with neutral presentation of facts without bias or emotional language.
Premium Times NigeriaIndependentCenterFactual 90Objective 858 days agoThe Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) visited the Nigeria Inter-Bank Settlement System (NIBSS) in Lagos to discuss enhancing digital payment infrastructure, particularly through increased QR code usage. During the meeting, ACAMB leaders emphasized the importance of unified communication among banks to address service disruptions and improve transparency. They proposed creating a platform for banks to collaborate on industry development and challenge management. NIBSS executives acknowledged the role of robust payment systems in promoting financial inclusion and economic growth, highlighting their efforts to enhance reliability and customer experience through technological improvements.
Bias read (Center): The article presents a discussion between industry representatives focused on improving digital payment systems and communication within the banking sector. There is no overt ideological slant toward either left or right-wing perspectives. The framing remains neutral, focusing on technical and infra
Why these scores (Factual 90 · Objective 85): Factuality is strong with specific details about ACAMB's actions and meetings. Objectivity is solid but slightly lower due to advocacy tone in promoting QR code adoption and industry collaboration.
Vanguard NigeriaIndependentCenterFactual 85Objective 8013 days agoXpress Payment Solutions Limited, a Nigerian fintech company, announced plans to leverage emerging technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) to drive its next phase of growth. During a public lecture marking its 10th anniversary, Managing Director Wale Olayisade highlighted the company's role in advancing Nigeria's digital payments landscape and financial inclusion. He emphasized how AI would enhance customer understanding and streamline financial interactions, while IoT would improve transaction efficiency. The company has processed trillions of naira in transactions since its inception, simplifying everyday payments such as school fees and utility bills. Olayisade acknowledged the Central Bank of Nigeria (CBN) for fostering a stable financial environment, and the company's leadership noted resilience despite challenges like the COVID-19 pandemic and currency fluctuations.
Bias read (Center): The article discusses a private company's technological strategy and achievements in the financial sector. It does not engage with political issues, ideologies, or policy debates. The content focuses on innovation, economic development, and corporate milestones, which are not inherently politically-
Why these scores (Factual 85 · Objective 80): Factuality is high as the article reports on Xpress Payment's stated plans and achievements based on CEO statements. Objectivity is good but slightly lower due to promotional language like 'trillions of naira' and emphasis on positive outcomes.
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