Nigeria’s payment space just got a major upgrade. The Nigeria Inter-Bank Settlement System (NIBSS) has launched the National Payment Stack (NPS). A platform built to transform how digital payments work across the country.
The NPS builds on the trusted foundation of NIBSS Instant Payments (NIP), Africa’s first real-time account-based system, launched 14 years ago.
“It’s a transition to the future,” said NIBSS Managing Director Premier Oiwoh. “We laid the foundation for Nigeria’s financial future.”
NPS is designed to make digital payments faster, smarter, and more inclusive. Here’s what it brings to the table:
- Real-time transactions with instant settlement
- Support for bulk and single payments
- Advanced payment messaging using ISO 20022
- Request-to-Pay and Direct Debit features
- KYC integration via BVN, RC Number, or TIN
- Multi-currency support and cross-border potential
- Improved fraud detection and risk scoring
- A sandbox that allows fintechs to integrate in 48 hours
Oiwoh said the platform is key to meeting Nigeria’s $1 trillion economy target over the next eight years. “We need infrastructure that meets global standards but also fits our local realities,” he added.
The Central Bank of Nigeria (CBN) has backed the initiative. Deputy Governor Philip Ikeazor called it a “transformative milestone” for Nigeria’s financial system. Lagos State Governor Babajide Sanwo-Olu also praised the collaboration that made NPS possible, noting that it “makes doing business safer, more transparent, and more inclusive.”
Since its inception in 1993, NIBSS has played a key role in Nigeria’s financial infrastructure. With innovations like AfriGO and instant POS settlements, it continues to lead the charge.
