Against the usual payment hitches that often trail the yuletide season, the Nigeria Inter-Bank Settlement System (NIBSS) has assured Nigerians of smooth and reliable electronic payment transactions this festive period.
The assurance comes amid about ₦384 trillion in quarterly transactions processed across all e-payment platforms nationwide, underscoring the scale of digital spending in the economy.
NIBSS revealed that Nigeria recorded 325.6 million active bank accounts as of August 2025, 66.8 million registered Bank Verification Numbers (BVN) by September, and an estimated 143 million smartphone users expected by the end of the year.
These figures, it said, reflect the rapid growth of digital finance and the increased pressure on payment infrastructure during peak seasons like Christmas and New Year.
Speaking during an interaction with journalism fellows organised by the Media Foundation for West Africa, Head of Operations at NIBSS, Mrs. Ekeoma Chidi-Ugorji, said the system was fully prepared for the festive surge.
She disclosed that about 14 billion transactions were processed daily during the last yuletide, adding that NIBSS had since cleaned its servers, strengthened its database, and placed staff on 24-hour monitoring duty to ensure uninterrupted service.
Also speaking, Head of Strategy and Research at NIBSS, William Uko, noted that Nigeria’s aspiration to become a $1 trillion economy by 2030 depends heavily on a future-ready payment system.
He explained that Digital Public Infrastructure (DPI)—built on identity, digital payments and data exchange—is essential for deepening financial inclusion, driving innovation, and improving government revenue collection, stressing that infrastructure remains the backbone of a functional digital ecosystem.
Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) has cautioned inter-city transport operators against arbitrary fare hikes during the yuletide travel rush.
While acknowledging seasonal cost pressures, the commission insisted that fare adjustments must be transparently communicated, warning that exploitative pricing could attract regulatory action under the Federal Competition and Consumer Protection Act (FCCPA) 2018.