NIBSS Launches National Payment Stack to Revolutionize Instant Payments in Nigeria
The Nigeria Inter-Bank Settlement System (NIBSS) has officially launched the National Payment Stack (NPS), a next-generation digital payment infrastructure poised to redefine real-time transactions in Nigeria. The platform was unveiled in Lagos, where stakeholders from across the financial and tech sectors gathered to witness what many are calling a turning point for Nigeria’s payment ecosystem.
A New Era of Digital Payments
Building on the legacy of the NIBSS Instant Payment (NIP) system—Africa’s first real-time, account-based digital payment solution introduced 14 years ago—the NPS is engineered to meet the evolving demands of Nigeria’s financial future.
Speaking at the launch, Mr. Premier Oiwoh, Managing Director of NIBSS, emphasised that the NPS is more than just an upgrade.
“With NPS, we didn’t just build another instant payment solution, we laid the foundation for Nigeria’s financial future,” Oiwoh said.
Key Features of the National Payment Stack (NPS)
NPS is designed to offer a comprehensive suite of features that support innovation, inclusion, and interoperability:
- Real-time transactions and instant settlements
- ISO 20022-compliant advanced messaging
- Bulk and single payments on a unified rail
- Efficient dispute management systems
- Automated KYC via BVN, RC Number, or TIN
- Request-to-Pay and Direct Debit capabilities
- Multi-currency support and cross-border readiness
- Partner integration sandbox with 48-hour setup
- Enhanced fraud management and risk scoring systems
These features position the NPS as a critical tool in achieving Nigeria’s $1 trillion economic target within the next 8 years by enabling seamless financial operations and government revenue collections.
Driving Innovation and Inclusion
Mr. Oiwoh stated that the NPS would be instrumental in:
- Expanding financial inclusion across Nigeria
- Supporting digital payment innovations
- Enhancing government social intervention and tax payment systems
- Establishing a future-proof digital ecosystem
“From Request-to-Pay to automated reconciliation and advanced dispute management, NPS is designed to deliver smarter, faster, and more transparent payment experiences for all,” Oiwoh added.
National and Industry-Wide Endorsement
Mr. Philip Ikeazor, Deputy Governor for Financial System Stability at the Central Bank of Nigeria (CBN) and Chairman of the NIBSS Board, hailed the launch as a transformative milestone for Nigeria’s financial landscape.
Represented by Mr. Musa Jimoh, Director of Payment System Policy at the CBN, Ikeazor said:
“The NPS lays the foundation for deeper trust, greater inclusion, and the next wave of digital payment innovation in Nigeria.”
Lagos State Pledges Support
Lagos State Governor Mr. Babajide Sanwo-Olu, represented by Deputy Chief of Staff Mr. Samuel Egube, commended NIBSS for building a homegrown infrastructure that aligns with the nation’s digital growth aspirations.
“This kind of strategic partnership reflects what Nigeria and Africa need to flourish in today’s digital age,” Egube stated. “Lagos remains committed to supporting innovations that improve business operations, enhance transparency, and foster inclusivity.”
The unveiling of the National Payment Stack marks a significant step forward in positioning Nigeria as a leader in digital payments innovation across Africa. By laying a robust technological and regulatory foundation, the NPS is set to empower businesses, support government initiatives, and provide individuals with more secure, efficient, and accessible financial services.
