The Nigeria Inter-Bank Settlement System (NIBSS) has launched the National Payment Stack (NPS), a revolutionary payment platform designed to transform Nigeria’s instant payment system and digital economy.
The NPS, launched in Lagos on Tuesday, draws on NIBSS Instant Payments (NIP), Africa’s first real-time account-based digital payment service launched 14 years ago.
Real-time transactions and advanced features drive payment innovation
The NPS offers real-time transactions and instant settlements, with advanced payment messaging that is compliant with the ISO 20022 global standard.
It supports bulk and single payments on a unified rail, improving dispute management efficiency and enabling KYC verification through BVN, RC Number, or TIN.
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The platform also introduces Request-to-Pay and Direct Debit capabilities, multi-currency readiness, and cross-border payment potential.
Integration is streamlined via a sandbox environment, allowing partners to connect within 48 hours. Enhanced fraud management and risk rating features further secure the payment ecosystem.
Premier Oiwoh, Managing Director of NIBSS, emphasised the platform’s role beyond a simple upgrade: “With NPS, we didn’t just build another instant payment solution, we laid the foundation for Nigeria’s financial future.”
He added, “The NIBSS Payment Stack reflects our vision to equip Nigeria and Africa with a platform that not only meets global standards but speaks to our unique payment realities.”
The NPS aims to deepen financial inclusion and improve government social intervention payments, tax payments, and revenue collection, aligning with Nigeria’s goal of building a $1 trillion economy in eight years.
Strategic partnerships and national support boost digital payment ecosystem
The unveiling event gathered key stakeholders, including bank managing directors, central bank officials, and representatives from 20 African countries.
Philip Ikeazor, Deputy Governor for Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, described the NPS as “a transformative milestone for both NIBSS and Nigeria’s financial ecosystem,” highlighting its role in fostering trust, inclusion, and innovation across digital payments.
Lagos State Governor Babajide Sanwo-Olu, represented by Deputy Chief of Staff Samuel Egube, praised NIBSS for uniting diverse stakeholders to create homegrown infrastructure tailored to Nigeria’s needs.
He said, “As the commercial heart of Nigeria, Lagos is excited to support innovations that make doing business easier, safer, more transparent, and more inclusive.”
The National Identity Management Commission also stressed the importance of digital identity in driving financial inclusion and national development.
NIBSS, established in 1993 and jointly owned by the Central Bank of Nigeria and deposit money banks, continues to lead Africa’s digital payment innovation with initiatives like the AfriGO card scheme and instant settlement on POS transactions for cardholders.
The National Payment Stack marks a new chapter in modernising Nigeria’s payment infrastructure and boosting economic participation.