Nigeria's inter-bank settlement infrastructure body, the Nigeria Inter-Bank Settlement System (NIBSS), is publicly advocating for the complete elimination of transfer fees on digital transactions. Premier Oiwoh, Managing Director and Chief Executive of NIBSS, made this compelling argument at the official launch of Nigeria's Payments System Vision 2028, an event attended by Central Bank of Nigeria (CBN) Governor Yemi Cardoso, signaling a significant shift in public and regulatory conversation regarding payment architecture.

Oiwoh contended that current charges on digital transactions are actively undermining the country’s financial inclusion goals and inadvertently pushing citizens back to using cash. He illustrated this point by stating, "If you have ten thousand in your pocket and I’m going to make a transfer and pay fifty or one hundred, that’s another ten thousand. As a Nigerian, I now keep my ten thousand in my pocket. How do you deal with them?" This highlights a prevalent behavioral response where the cost of digital transfer often outweighs the perceived value, leading to cash transactions.

The NIBSS's advocacy for zero-rated transfer fees is not new internally. The organization has spent several years working to reduce fees applied to NIP, Nigeria's instant payment infrastructure, which underpins nearly all bank transfers. They had previously outlined plans for a subscription-based model that would allow users unlimited transfers for a fixed monthly charge, indicating that zero-cost-per-transaction has always been an achievable destination rather than a mere aspiration.

Beyond transaction fees, Oiwoh extended his argument to data access for financial transactions. He stressed that Nigerians should not be hindered from completing payments due to a lack of mobile data, pointing to countries that have already made financial data zero-rated and urging Nigeria to follow suit. This is particularly relevant in Nigeria, where mobile data costs are a significant friction point for low-income users, and there's a well-documented overlap between financial and digital exclusion. Making payment data free to use, independent of a data bundle, would significantly extend the reach of digital financial services to underserved populations.

Oiwoh concluded his remarks by expressing strong confidence in Nigeria's current payments infrastructure. He stated, "With what we have built on the NPS [National Payment Stack], I think a lot more impact will be made from usage, accessibility, trust, and transparency across delivery processes." He framed the Vision 2028 document as a foundational strategy built on existing infrastructure, emphasizing the need for policy and pricing alignment to unlock its full potential. As of now, the Central Bank of Nigeria has not issued a formal response to NIBSS's advocacy for zero-rated fees.