Nigeria Inter-Bank Settlement System’s (NIBSS) Instant Payment platform (NIP) has become the first and only Instant Payment System (IPS) in Africa to reach the “Mature” level of inclusivity on AfricaNenda’s IPS Inclusivity Spectrum.

The landmark recognition, announced at the 2025 State of Inclusive Instant Payment Systems in Africa (SIIPS) Report Launch in Ezulwini, Eswatini, places Nigeria at the top of Africa’s digital payments hierarchy and sets a new benchmark for real-time transaction systems across the continent.

The SIIPS recognition, the highest classification yet awarded to an African payment system, followed a rigorous evaluation based on AfricaNenda’s three-tier framework for assessing inclusion, governance and user-centricity.

The framework evaluates how effectively instant payment platforms facilitate broad participation, low-cost access, interoperability, dispute resolution, and accessibility for low-income users.

According to AfricaNenda, Nigeria’s NIP distinguished itself through its high level of inclusion for indirect participants such as fintechs and non-bank operators, as well as its strong dispute-resolution mechanism and consumer-protection structures.

The platform’s ability to deliver real-time, 24/7 digital access, along with its simplified onboarding process for underserved populations, also contributed significantly to the top rating.

Commenting on the achievement, Premier Oiwoh, managing director/chief executive of NIBSS, said the recognition represents more than an award, saying “the award recognises not only a system, but a vision of inclusive growth.

“It reflects our ongoing commitment to deliver payments infrastructure that is faster, affordable, safer, interoperable and accessible to all Nigerians; and indeed to partner with the continent as we define the future of payments in Africa”, he said.

According to him, since its rollout 14 years ago, NIP has redefined Nigeria’s payment architecture, becoming one of the world’s earliest successful real-time payment systems and inspiring several modernisation efforts across developing markets.

Industry analysts describe the latest accolade as validation of Nigeria’s leadership in payment innovation and a boost to the country’s growing reputation as a digital-economy trailblazer.

At the event, NIBSS showcased progress on the National Payment Stack (NPS), Africa’s first ISO 20022-compliant national payment infrastructure.

The NPS is designed to deliver deeper interoperability, stronger security, instant settlement and intelligent routing, features expected to elevate Nigeria’s payment ecosystem to global standards when it fully replaces the current NIP platform.

The Central Bank of Nigeria (CBN) was also acknowledged for its strategic oversight and regulatory support, which NIBSS said has consistently shaped the industry’s innovation path, reinforced operational excellence and expanded financial inclusion nationwide.

As part of its strategic commitment to enhance customer experience and expand digital access to insurance services, Linkage Assurance Plc has launched its new mobile application, now available for download on both iOS and Android platforms.

The Linkage Assurance App offers Nigerians a seamless, secure, and convenient way to purchase, verify, and manage motor insurance policies anytime, anywhere. With just a few taps, users can obtain genuine motor insurance certificates, renew existing policies, and access instant customer support—all from their mobile devices.

Speaking at the official launch in Lagos, Daniel Braie, managing director/CEO of Linkage Assurance Plc described the launch as a major milestone in the company’s ongoing digital transformation journey.

“Our goal is to make insurance simple, transparent, and accessible to everyone. The Linkage Assurance App demonstrates our commitment to customer-centric innovation and our vision of deepening insurance penetration through technology,” the MD/CEO stated.

The App features secure payment integration, a real-time policy management dashboard, and 24/7 customer assistance, ensuring that policyholders enjoy a smooth, convenient, and trustworthy digital experience.

While the current version focuses on motor insurance, the company noted that plans are already underway to expand the App’s functionality to include other product lines—such as general, retail, and corporate insurance solutions—in future updates.

Industry observers note that the rollout of the Linkage Assurance App highlights the growing importance of digital innovation in Nigeria’s insurance sector, as firms adapt to evolving customer expectations and the need for speed, convenience, and accessibility in financial services.

The company emphasized that the App will not only enhance convenience for existing customers but also help attract new users, particularly among younger, tech-savvy Nigerians who prefer mobile-enabled financial solutions.

Consumers the Company noted can now download the Linkage Assurance App from the Google Play Store or Apple App Store to experience a smarter and more convenient way to stay insured.

Linkage Assurance Plc is one of Nigeria’s leading insurance companies, providing innovative risk management and financial protection solutions across motor, fire, marine, engineering, agriculture, general business, oil & gas, and other specialized lines.

The company remains committed to delivering excellent customer service, digital innovation, and sustainable value creation for all stakeholders. AM Best, a global credit rating agency, has assigned Linkage Assurance Plc a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating.

Nigerians won’t have to worry about the payment of five common bank charges again, as from January 2026, when the new tax laws come into effect.

This was made known by Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

The tax laws, which will come into effect as from January 2026, are the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and the Joint Revenue Board Act (JRBA).

According to Oyedele, the changes are expected to simplify tax administration and eliminate unnecessary financial burdens on citizens.

He added that the move to phase out some of the frequent bank charges under the tax reforms is part of the efforts by the administration of President Bola Tinubu to ease the cost of doing business, stimulate economic growth, and support households and small enterprises.

The charges which would be affected are:

1. The ₦50 Electronic Money Transfer Levy (EMTL), charged on transfers above ₦10,000, will be scrapped entirely.
2. Stamp duties: The stamp duties on salary transfers, which both employees and employers currently bear, would no longer apply from January 2026.

This would allow workers to receive full salaries and also reduce administrative costs for businesses, especially small and medium-sized enterprises.

3. The stamp duties paid by investors in treasury bills, government bonds, and shares would also be abolished. Stamp charges on documents used for processing stock or share transfers will also be removed.
4. The ₦50 charge on transfers between accounts within the same bank will be discontinued, and customers will be at liberty to move funds between personal or related accounts without incurring extra fees.

Oyedele noted that these reforms would be introduced when the Nigeria Tax Act 2025 come into effect in January 2026, reversing earlier rules under the Stamp Duties Act and the Finance Act 2020.