The Nigeria Inter-Bank Settlement System has launched the National Payment Stack, a new digital infrastructure designed to modernise and enhance instant payments nationwide.
Building on the foundation of the NIBSS Instant Payments platform introduced 14 years ago—the first real-time, account-based payment system in Africa—the NPS aims to deliver faster, more secure, and scalable digital transactions across the financial ecosystem.
Speaking at the unveiling ceremony in Lagos on Tuesday, NIBSS Managing Director, Mr. Premier Oiwoh, stated that the National Payment Stack was developed to position Nigeria for the future of digital payments.
“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.
According to the NIBSS MD, some of the features of the new payment platform include: Real-time transactions and instant settlements
Advanced payment messaging using ISO 20022; Bulk and single payments on one rail;More efficient dispute management system; KYC verification via BVN, RC Number, or TIN.
Others are Request-to-Pay and Direct Debit capabilities;
Multi-currency readiness and cross-border; potential; Sandbox-enabled integration for partners in as little as 48 hours; and Improved fraud management and risk rating capabilities.
Oiwoh explained that the strategic goal of the National Payment Stack is to foster digital payment innovation, expand financial inclusion, and enhance the efficiency of government social intervention programmes, tax payments, and revenue collection.
He further emphasized that as Nigeria aims to build a $1 trillion economy within the next eight years, a robust and modernised payment infrastructure like the NPS is essential to support and drive that growth.
“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.
“From Request-to-Pay to real-time settlements, automated reconciliation, and advanced dispute management, NPS is designed to deliver smarter, faster, and more transparent payment experiences for all,” he stated.
The Deputy Governor, Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, Mr. Philip Ikeazor, described the National Payment Stack as a landmark development for both NIBSS and Nigeria’s financial system.
Represented by the Director of Payment System Policy at the CBN, Mr. Musa Jimoh, Ikeazor said the NPS lays the groundwork for deeper trust, broader financial inclusion, and the next wave of innovation across the payments landscape.
Also speaking, Lagos State Governor, Mr. Babajide Sanwo-Olu, praised NIBSS for its efforts in uniting diverse stakeholders to develop a homegrown payment infrastructure like the National Payment Stack.
“This kind of strategic partnership adjusts what Nigeria and Africa need to flourish in our ever-evolving digital landscape.
“As the commercial heart of Nigeria, Lagos is excited to support innovations that make doing business easier, safer, more transparent, and more inclusive,” said the Governor, who was represented by Deputy Chief of Staff, Mr. Samuel Egube.
