The Nigeria Inter-Bank Settlement System (NIBSS) has launched the National Payment Stack (NPS), a new generation digital infrastructure designed to transform Nigeria’s financial landscape and usher in the future of real-time payments.
The solution, officially unveiled in Lagos on Tuesday, is positioned as the successor to the NIBSS Instant Payment (NIP) platform, which was launched in 2011 and became Africa’s first real-time account-based payment system.
The Managing Director of NIBSS, Premier Oiwoh, said during the unveiling that the NPS was not just a technological upgrade but a foundational shift in Nigeria’s payment ecosystem. According to him, it was built to meet the challenges of today’s digital economy and to prepare the country for tomorrow’s financial innovations.
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“It’s a transition to the future. With NPS, we didn’t just build another instant payment solution, we laid the foundation for Nigeria’s financial future,” Oiwoh said.
Oiwoh explained that the NPS was developed to offer faster transaction processing, better dispute resolution, enhanced fraud prevention, and easier integration for banks, fintechs, and government agencies. He noted that it incorporates ISO 20022, the advanced messaging standard now adopted globally by financial institutions for richer and more structured payment data.
He said the NPS will support both single and bulk payments on the same infrastructure and includes new capabilities such as Request-to-Pay, Direct Debit, automated reconciliation, and advanced KYC verification using identifiers like Bank Verification Numbers (BVN), Registered Company (RC) numbers, and Tax Identification Numbers (TIN).
He further stated that the NPS was designed with multi-currency readiness and cross-border payment capabilities in mind. According to Oiwoh, these features align with Nigeria’s broader ambition to achieve a $1 trillion economy within the next eight years. This target will require more efficient digital infrastructure to support formal transactions, tax collection, government disbursements, and private sector innovations.
The Central Bank of Nigeria (CBN), which jointly owns NIBSS with deposit money banks, described the new platform as a major leap forward. Speaking on behalf of the CBN, Musa Jimoh, the Director of Payment System Policy, said the NPS is expected to lay a solid foundation for deeper trust, greater financial inclusion, and the next wave of innovation in digital payments. He represented Philip Ikeazor, the Deputy Governor of Financial System Stability at the CBN and Chairman of the NIBSS Board.
Jimoh noted that the NPS reflects Nigeria’s response to the global movement towards smarter, faster, and more interoperable payment systems. He pointed out that with the global financial industry migrating to new standards like ISO 20022, Nigeria must build infrastructure that not only meets international norms but also addresses the country’s specific needs.
He added that the NPS will also improve the implementation of social intervention payments, tax remittances, and other government financial processes by reducing delays, enhancing transparency, and eliminating leakages.
The launch drew support from other government institutions as well. The Governor of Lagos State, Babajide Sanwo-Olu, represented by Deputy Chief of Staff Samuel Egube, commended NIBSS for developing the platform domestically.
Sanwo-Olu described it as a bold example of what African countries can achieve by investing in homegrown solutions. He added that Lagos, as Nigeria’s commercial nerve center, is especially keen on supporting innovations that promote ease of doing business, transparency, and financial inclusion.
Founded in 1993, NIBSS has remained a key player in Nigeria’s digital transformation journey. It manages the core switching and settlement infrastructure for banks, mobile money operators, and government agencies. The organization has introduced several landmark innovations in recent years, including AfriGO, Nigeria’s domestic card scheme launched to reduce dependence on foreign payment brands. In April 2025, NIBSS also introduced instant settlement for point-of-sale (POS) transactions using AfriGO cards, a development that was welcomed by merchants and payment service providers.
The unveiling of the National Payment Stack marks a critical evolution in Nigeria’s payment infrastructure, signaling readiness for the next era of digital finance. While the rollout of NPS is expected to happen in phases, banks and fintechs have already begun exploring integration through the sandbox environment provided by NIBSS, which allows partners to test their solutions with minimal onboarding time.
Industry observers say that with the NPS in place, Nigeria is better positioned to expand financial services to underserved populations, strengthen its regulatory oversight, and potentially become a continental leader in real-time cross-border payments.