The Nigeria Inter-Bank Settlement System (NIBSS) has officially launched the National Payment Stack (NPS), a major milestone that signals the beginning of a new era in the country’s financial services sector. Unveiled at a ceremony in Lagos, the NPS is designed to replace the long-serving NIBSS Instant Payment (NIP) system and usher in a more advanced, inclusive, and secure payments infrastructure.
What Makes the National Payment Stack Different?
The National Payment Stack is a next-generation, ISO 20022-compliant platform that combines multiple payment functionalities into one robust system. Unlike legacy systems that required different rails for single and bulk payments, the NPS consolidates these on a single infrastructure. This design enhances efficiency, scalability, and consistency across all types of transactions.
Built to enable a smarter payment experience, NPS includes advanced features such as Request-to-Pay, Direct Debit, automated reconciliation, and real-time dispute resolution. It also integrates national identity tools like BVN, RC, and TIN to support stronger compliance and Know Your Customer (KYC) standards. Additionally, the platform is multi-currency and cross-border ready, laying the groundwork for deeper integration with other African economies.
Fintechs and banks can connect to the system through a developer-friendly sandbox, reducing the integration timeline to as little as 48 hours. NPS also incorporates AI-powered fraud detection tools, including behavioral analytics, account scoring, and real-time risk profiling.
Strategic Vision for a Digital Nigeria
According to NIBSS leadership, the National Payment Stack is not merely an upgrade—it is a complete reimagining of Nigeria’s digital financial future. With this infrastructure, Nigeria now has the tools to scale secure, transparent, and interoperable payment services nationwide.
The launch supports the government’s ambition to digitize public services and ensure financial inclusion for all citizens. The platform can facilitate government disbursements, social payments, pension transactions, tax remittances, and more—all within a unified system that is built and maintained domestically.
Speaking at the launch, Premier Oiwoh, MD/CEO of NIBSS, described NPS not merely as a system upgrade but as “laying the foundation for Nigeria’s financial future,” equipping the country with a secure, transparent platform that reflects both global best practices and local realities. By consolidating payments, identity verification, and data into one ecosystem, NPS supports social payments, tax remittances, and government disbursements.
Central Bank of Nigeria Deputy Governor (Financial System Stability) and NIBSS Board Chair, Philip Ikeazor—represented by CBN’s Musa Jimoh—called NPS a “transformative milestone.” It promises deeper trust, broader inclusion, and a wave of innovation in digital payments across Nigeria.
Lagos State Governor Babajide Sanwo-Olu, represented by Deputy Chief of Staff Samuel Egube, praised the homegrown initiative as a beacon of what Africa can achieve when leveraging local innovation and public‑private collaboration
Regional and Global Relevance
The implementation of ISO 20022 standards positions Nigeria to align with global payment ecosystems, enhancing the country’s ability to participate in cross-border commerce and fintech innovation. It also opens new opportunities for regional integration under frameworks like the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS).
Nigeria is already in discussions with other African nations to harmonize payment systems and share best practices, making the NPS a potential model for the continent.
Conclusion
The National Payment Stack represents a bold leap into the future for Nigeria’s digital economy. With modern architecture, global compliance, and user-centric features, the platform is expected to fuel inclusive economic growth, support regulatory goals, and reinforce Nigeria’s leadership in digital financial infrastructure across Africa.
