News
CBN Secures ATM Transactions, Boosts Traffic on NCS
Central Bank of Nigeria (CBN) has directed banks in the country to connect to the Nigeria Central Switch (NCS) by December 1, in one of the many efforts by the apex bank to shore up confidence in the e-payment space, Nigeria CommunicationsWeek can now reveal.
In the directive, the CBN asked banks, switching companies and all other parties to the Nigerian Switching Infrastructure, private switches to disconnect connections to one another and connect to the NCS.
There are currently five organisations that offer the platform for banks to switch (exchange) electronic banking transactions among themselves. These include InterSwitch, E-tranzact, Chams, Card Technologies and Valucard. All the existing switches have connected to the NCS.
The switching companies, however, operate payment card schemes which are issued by banks that belong to their various schemes like the E-tranzact card, InterSwitch card, Masters Card and Visa card.
Nigeria CommunicationsWeek however gathered that with the NCS in place, CBN is now seeking to harmonise the various schemes to make them interoperable and ubiquitous.
According to Abayomi Atoloye, director, banking and Payments Systems Department of the CBN, all terminal devices – Point of Sale (PoS) and Automated Teller Machines (ATMs) must be configured to accept and process all payment card schemes and other electronic payments instruments that are acceptable in Nigeria on or before December 1.
The effort is aimed at ensuring an effective and robust payment system in line with best practices.
Experts say that if the CBN is able to achieve this, it will make all payment cards issued by banks acceptable on all acceptance device deployed in Nigeria. It will also enhance product development as content developers in the e-payment industry will no longer need to enter into agreement with several switching platforms before plugging into the networks.
This will ensure that card holders enjoy tremendous freedom to use their cards in a safe and secure manner anywhere in Nigeria, while delivering substantial benefits to all stakeholders.
Nigeria CommunicationsWeek gathered that the NCS project by the Nigeria Inter-Bank Settlement System (NIBSS) is a body set up in 1993 by the bankers committee to provide direct and immediate gains to the economy by guaranteeing great savings in foreign exchange.
Banks and other players in the payment industry can rely on NCS while concentrating on their respective core functions.
Paul Lawal, chief executive officer of NIBSS, operators of the NCS, said the project will impact positively on the nation’s economy, stressing that cardholders will now enjoy tremendous freedom to use their cards in a safe and secure manner anywhere in the country, while delivering substantial benefits to all stakeholders.
The objective of the NCS is to provide the technological infrastructure that will enable members of the banking public to use their payment cards on any payment device (ATM, POS) irrespective of the bank or organisation that issued the card or deployed the payment device.
For the banks, it is direct gains through the NCS by way of higher transaction volume and revenue; the same for the acquirers, processors, card schemes and device owners.
For the merchant, NCS brings higher sales and lower points of sale cost. As for the card holder, the banking public, it means ubiquitous card acceptance; non-denial of service to the banking public.
The NCS is a shared resource which players in the payments industry will employ and rely upon so that they can concentrate on the provision of their respective core value positions to the banking public.
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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