Nigeria Inter-Bank Settlement System Plc (NIBSS) has launched its maiden quarterly publication, NIBSS Digest, themed “Redefining the Future of Payments.” The publication brings together regulators, bankers, fintech practitioners, and technology specialists to discuss the future of payments beyond transaction volumes. The digest aims to examine how code, policy, and institutional governance are reshaping commerce across Nigeria and the continent. This initiative is led by NIBSS Managing Director/Chief Executive Officer, Premier Oiwoh.
The publication's tone is set by Oiwoh's opening note, which takes a deceptively simple observation: infrastructure rarely makes headlines until it fails. He emphasizes that when a switch works, a ledger reconciles, or an instant settlement clears in milliseconds, the world moves on without a second thought. This approach encourages readers to look beyond visible transactions and towards the underlying machinery. By framing the Digest as a quarterly forum, Oiwoh aims to explore the intersection of code, policy, and governance in shaping the future of payments.
A notable feature of the publication is its cast of contributors, including Muhammad Sani Abdullahi, PhD, of the Central Bank of Nigeria, who writes on “The Future of Growth Depends on How Economies Move Value.” Dr. (Mrs.) Rakiya Opemi Yusuf, Director at the Central Bank of Nigeria, is also a contributor. The quality of the journal is evident from its table of contents, which suggests a serious and comprehensive approach to discussing the future of payments.
The NIBSS Digest marks a significant step in the evolution of Nigeria's payment ecosystem, which has become increasingly sophisticated. As the institution's role expands, it touches on questions of standards, interoperability, resilience, trust, and the architecture of the wider financial system. The publication is an extension of NIBSS' broader institutional ambition to promote a deeper understanding of payment infrastructure and its role in shaping the economy.
One of the key challenges in payment infrastructure is its invisibility. It is present in everyday transactions, such as salary payments, merchant transfers, and customer transactions, yet remains largely unnoticed. Its greatest compliment is that nobody notices it when it works. However, when issues arise, such as failed transfers or terminal malfunctions, infrastructure suddenly becomes visible.
The paradox of payment infrastructure's visibility is an interesting point of entry into the NIBSS Digest. By exploring this theme, the publication aims to redefine the future of payments and promote a more nuanced understanding of the underlying infrastructure. The Digest's focus on code, policy, and institutional governance reflects the complex interplay between these factors in shaping the future of payments.
The maiden issue of the NIBSS Digest has assembled an impressive cast of contributors, making a persuasive case for taking the conversation around payments beyond transaction volumes. By examining the intersection of code, policy, and governance, the publication provides a comprehensive and forward-thinking approach to discussing the future of payments in Nigeria and beyond.
Key points
- NIBSS launches quarterly publication to redefine future of payments
- Publication brings together regulators, bankers, fintech practitioners, and technology specialists
- Digest aims to examine code, policy, and institutional governance in shaping commerce
