The Nigeria Inter-Bank Settlement Systems (NIBSS) spends at least N150 million each month on power to maintain its operations, with diesel accounting for approximately N100 million of this expenditure. This information was shared by Managing Director Premier Oiwoh during an event marking the one-year anniversary of Tango Brook Technologies in Lagos.
To avoid disruptions in electronic transfers, NIBSS utilizes multiple generators and fuel monitoring systems. The organization operates four generators, including two 800 KVA and two 500 KVA units, to support its critical payment infrastructure, which facilitates interconnectivity for retail electronic payments across Nigeria.
Osagiede, representing Oiwoh at the event, emphasized that the cost of power is secondary to ensuring operational continuity. A prolonged power outage could lead to server shutdowns, jeopardizing payment processing activities. The organization has implemented monitoring technology to manage fuel levels and ensure quality, mitigating risks associated with poor fuel performance.
As rising energy costs challenge businesses, many are exploring alternative power solutions. For instance, Consolidated Hallmark Insurance is accelerating its shift to solar power to reduce reliance on diesel generators, highlighting a broader trend among companies seeking more predictable energy expenditures in Nigeria.