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RTGS Replacement: Perago Africa, CMA, Montran Meet CBN Requirements

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Going by the critical requirements established by the Central Bank of Nigeria (CBN) for the Request for Proposal (RFP) for the deployment of a new Real-Time Gross Settlement (RTGS) solution for the payment systems infrastructure in Nigeria, only three vendors are eligible to bid for the project.
The request proposal published on the web site of the apex bank notes that: “A critical requirement is that any solution must have been implemented in at least five countries preferably in Africa.” Financialtechnologyafrica findings revealed that only three of the globally acclaimed four RTGS vendors meet this requirement.
The four companies that have implemented RTGS in more than six sites globally are United State-based Montran Corporations,  United Kingdom-based Logica CMG, Sweden-based CMA Small System and  South African-born and Swiss-headquartered Perago AG. However, further findings showed that Montran Corporation has nine sites in Africa. 
The company has a global reach with offices in the US, Europe and over 100 installations in more than 40 countries including 34 interbank systems in 24 Central Banks, 9 of which are in Africa. Montran, whose payment systems are SWIFT Ready application solutions, has been a SWIFT partner for 23 years. Its African clients are Lesotho, Ghana, Mauritius, Tanzania and Angola while Logical CMG has no RTGS client in Africa.
However, Logica’s Central Accounting System (CAS) is the most popular RTGS system in the market today. The system is running in 16 countries worldwide, and under implementation in one country. This is a testament to the strength of the technology and the far-sighted genuine product design of the all new purpose built CAS. A wide user base also gives CAS the advantage when it comes to innovation.  Some of Logica clients are Luxemburg, Ireland, Azbernijan, Hungary, Turkey, Latvia, Bosnia & Herzegonivia. Others are India, UAE, UK, France, Monaco, Andora, Saudi Arabia, Slovenia and Croatia.
Meanwhile CMA Small System has 20 sites in Africa. These are Algeria, Libya, Benin Republic, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger and Senegal. The rest are Togo, Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, Congo, Madagascar, Mauritius and Morocco.
CMA RTS/X is a full-function multi-currency RTGS with ILF plug-in which includes advanced liquidity management facilities like queue management, gridlock resolution, credit lines and minimum reserve requirements. It supports a wide and set specific operations like cash withdrawals, cash deposits, FOREX operations in the likes of DvP models I, II and III, PvP process and settlement of Net transactions in very flexible way.
ILF plug-in allows powerful facilities to eliminate liquidity risks in RTGS system by providing necessary liquidity to participants on intraday basis. It also supports SWIFT FINCopy service. 
Also, Perago Africa has seven known sites in Africa. These are South Africa, Namibia, Malawi, Zimbabwe, Uganda, Sudan, and Egypt. Based in Switzerland, Perago is the global leader in financial infrastructure transformation through its Central Bank expertise, suite of business applications, implementation capabilities and value-added services.
The company is a business and service partner of SWIFT as well as working with SWIFT in delivering business solutions. It is a part of the SIA-SSB Group in 2005 Products on show. Its RTGS is reputed to be the most advanced RTGS system based on a hybrid model for liquidity management that can meet the needs of emerging economies and developed countries.
Industry experts are of the opinions that implementing a world-class RTGS infrastructure will be critical for Nigeria as it seeks to increase its influence on financial markets within WAMZ, Africa region and beyond, since the RTGS system is the mechanism for settlement of all other payments, foreign exchange and securities settlement systems.
The system is proposed as a replacement for the current system implemented by a Korea firm that had since been liquidated. Analysts expected that the transition to the new system must not only be seamless but also be transparent to the users. According to CBN, the system must among other things support the following transfer types:
Debit Funds Transfer
This module shall be available for the exclusive use of the CBN or approved clearing infrastructure (such as CSCS or NACS). It shall be a credit pull module with which the CBN as a sending counterparty shall debit the account of the receiving counterparty. The module shall allow multiple transaction entry and approval for single or various counterparties.
Third Party Transfers
This module shall function as the inter-bank funds transfer. It shall be for the execution of transfer orders of participating institutions’ customers.
Inter-Bank Transfers
These are credit push transactions initiated by the sending counter-party, usually a financial institution with a settlement account in the central bank to debit its account while simultaneously crediting the settlement account of the receiving counterparty. The Inter-Bank funds transfer may be used to effect or support the financial settlement of financial instruments such as money market, capital market, and foreign exchange.
Multiple Currencies
The system shall support settlement of transactions in Naira and key international currencies including the planned WAMZ monetary unit.

 


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NIPOST Plans Digital Postcodes for Every Building in Nigeria

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Nigerian Postal Service (NIPOST) has reaffirmed its commitment to implementing a National Digital Postcode System to assign a unique digital address to every addressable building across the country.

NIPOST Plans Digital Postcodes for Every Building in Nigeria

Speaking at the unveiling of the Post Code Delineation Model Validation 2026 in Abuja, Tola Odeyemi, postmaster general and chief executive officer, NIPOST, said the initiative would establish a machine-readable standard location-address framework for buildings nationwide.

“Postcode is basically a framework used to have a machine-readable standard location address for every addressable building in Nigeria,” Odeyemi said.

She explained that the project would place Nigeria among the first countries in Africa to develop a postcode system down to the unit level, ensuring that each standing building is assigned a unique code.

According to her, the digital postcode system is expected to enhance service delivery, logistics operations, emergency response, and national planning by improving the identification of locations across the country.

Odeyemi noted that the diversity of Nigeria’s geography necessitated different approaches to address mapping and postcode allocation.

“Nigeria is a large country. We have all the way from the top of Nigeria, which is almost like the Sahel, to the Savannah, to the Middle Belt, to the tropical South and even to the riverine areas.

“The logic that will work for Jigawa is not the same logic that will work for Bayelsa because they have completely different geographical expressions, density of buildings, population distribution, and topography,” she said.

She said the postcode delineation process was designed to ensure that postcode boundaries align with existing administrative structures and do not overlap local government boundaries.

“Delineation has to make sure the postcode does not pass administrative boundaries, and it must not go across two local government areas,” Odeyemi stated.

The NIPOST boss further explained that the validation exercise involves testing aerially mapped polygons against actual settlement patterns and geographical realities in different parts of the country.

“To test the polygons we have drawn aerially, we must ensure they accurately reflect realities on the ground. For example, the density of buildings in Lagos, particularly in Mushin, is very different from the density of buildings in Abuja. We are making sure that density maps and topographical features are properly captured for each state in Nigeria,” she said.

She described the Post Code Delineation Model Validation exercise as a critical stage in the agency’s broader digital addressing initiative, which seeks to create a comprehensive and standardised postcode framework for the country.

Nigeria has long grappled with an inefficient addressing system, making it difficult to accurately identify locations for postal services, logistics, emergency response, and public planning.

NIPOST’s National Digital Postcode System is part of efforts to create a standardised and technology-driven addressing framework that assigns a unique code to every addressable building in the country.


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The Case for a Holistic AI-Led Approach to Cybersecurity in the Fintech Ecosystem

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As digital financial services continue to grow globally, cyber threats are becoming more advanced, more automated, and more financially damaging. In Nigeria, where digital payments are becoming a part of everyday life, these threats pose significant risks to both consumers and financial institutions.

Industry reports continue to show that account takeover remains one of the dominant fraud issues in Nigeria, accounting for a significant share of 43% banking-related losses reported to Nigeria Inter-Bank Settlement System (NIBSS). Between early 2023 and mid-2025, the financial sector is estimated to have lost hundreds of billions of naira to digital fraud, while 281,500  user accounts have been exposed through breaches and leaks in Q1 alone.

Responding to this kind of threat environment requires more than a single line of defence. It requires a broader security model that combines intelligence, automation, identity verification, and ecosystem collaboration.

PalmPay, leading digital payments platform, has built its cybersecurity framework on a multi-layered security architecture designed to anticipate, detect, and mitigate risks before they escalate. Rather than relying on a single line of defence, PalmPay integrates AI-driven fraud monitoring, continuous risk assessment, behavioural analysis, and multi-layer authentication to strengthen account protection.

One important part of this approach is biometric and facial verification. As account takeover attempts increasingly exploit stolen credentials, identity verification has become one of the most effective tools in combating fraud. By combining facial verification with PIN and OTP authentication, PalmPay introduces multiple layers of protection that help ensure access is tied to the legitimate account owner, significantly reducing the risk of unauthorized access.

Complementing this is PalmPay’s Fraud Case Management System that enhances how potential fraud incidents are detected, analysed, and managed. By centralising fraud intelligence and enabling faster response times, the system helps security teams identify emerging patterns and intervene more proactively.

PalmPay’s Anti-Fraud Manager, Omoruyi Aiyudu, commented: “Fraud prevention today requires a shift from isolated security controls to a connected, intelligence-driven security ecosystem. At PalmPay, we leverage AI-driven fraud detection, behavioural analytics, and multi-layered authentication to identify and mitigate risks in real time. We continue to invest in advanced technologies to strengthen account security and build a safer, more resilient digital financial ecosystem for our users.”

Ecosystem Collaboration

Cybersecurity does not stop at internal controls. Stronger outcomes also depend on collaboration across the wider financial ecosystems.

PalmPay continues to work with regulators, law enforcement agencies and other stakeholders to support stronger cybercrime detection and response capabilities. One example is collaboration with the Nigerian Cybersecurity Unit of the Nigeria Police Force (NPF), including support through the provision of advanced equipment designed to enhance fraud detection and investigation capacity.

The company also recently collaborated with the Nigerian Data Protection Commission on a specialized data protection training to enhance internal data governance practices and advance compliance with the Nigeria Data Protection Act (NDPA) 2023.

These efforts reflect a broader view of security, one that recognizes that customer protection depends not only on technology, but also on governance, institutional cooperation, and responsible data handling.

PalmPay also believes that effective cybersecurity requires active participation from every stakeholder in the digital ecosystem. This is why user awareness remains an important part of its approach. Technology can reduce risk, but informed behaviour remains one of the strongest protections against fraud.

As cyber threats continue to evolve, the future of cybersecurity will depend on organisations adopting intelligent, adaptive, and collaborative security models. AI-led security solutions are no longer optional; they are becoming essential to staying ahead of increasingly sophisticated threats, strengthening customer trust, and the digital economy.


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Galaxy Backbone @ 20, Pledges Nationwide Connectivity, Data Sovereignty

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Galaxy Backbone (GBB) Limited has mapped out strategies to strengthen Nigeria’s digital infrastructure in order to make the country globally competitive in the face of Artificial intelligence, blockchain, cloud computing and other emerging technologies aimed at securing the digital future of the country.

Galaxy Backbone @ 20, Pledges Nationwide Connectivity, Data Sovereignty

Prof Ibrahim Adeyanju, managing director and CEO of GBB, made this known during a press conference to unveil a flurry of activities to celebrate the 20th anniversary of GBB in Abuja on Monday, stressing that Galaxy Backbone has evolved from a connectivity provider into one of Nigeria’s most strategic digital infrastructure institutions.

Galaxy Backbone is a public enterprise of the Federal Government of Nigeria incorporated in 2006 with the primary mandate of setting up and operating a unified Information and Communication Technology (ICT) infrastructure platform that addresses the connectivity, transversal and other technology imperatives for Ministries, Departments and Agencies (MDAs) of the federal government and private entities.

He said in the last 20 years, the agency has invested in world-class data centre infrastructure, including uptime certified Tier III and Tier IV facilities that provide secure, resilient and reliable environments for hosting missions critical to systems and applications.

He noted that these facilities strengthen data sovereignty, ensure business continuity and help keep Nigeria’s most critical digital assets secure.

“Through our cloud infrastructure and the 1Government Cloud platform, government institutions can access scalable digital services without the burden of building costly infrastructure independently. This shared-services model improves efficiency, reduces costs and accelerates innovation.

“We have delivered platforms such as GovMail (the homegrown Official government email), collaboration tools, hosting services, connectivity solutions and shared applications that support thousands of public servants and hundreds of institutions every day,” he said.

He emphasized that the true value of Galaxy Backbone is not measured by kilometres of fibre, data centres or technology alone but by impact.

He explained that the GBB fibre infrastructure today spans almost 30 states of the federation, connecting government institutions and creating the foundation for digital government even as he pledged that the remaining states and local areas will all be captured in due course.

On cyber security, the GBB boss noted that the agency has strengthened cybersecurity capabilities and continues to invest in protecting government systems and critical national digital assets, against cyber-attacks.

“We have the digital infrastructure and we are collaborating with partners to use these emerging technologies. We also have a top tier cyber security operation center and they are multilayered such that even when there is a spike in cyber-attacks none of them have been successful so far.

He added that the GBB is collaborating with other government agencies like the National Security Adviser, The Nigeria Police, and Nigerian Communications Commission (NCC) National Information Technology Development Agency (NITDA) National Identity Management Commission (NIMC) to ensure that government information is protected.

Ibrahim Sani Mohammed, executive director Finance and Corporate Services of the GBB, while fielding questions noted that the agency has created enormous value and has contributed immensely in the digital ecosystem of Nigeria helping to support small and medium enterprises (SMEs).

Olusegun Olulade, executive director Customer Centrality and Marketing of the GBB, said that customers have remained the formidable partners in the GBB journey of 20 years, adding that the agency has developed the mechanism to ensure customer satisfaction as it intensifies efforts to build trust.


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