The National Payment Stack, has recorded 153,000 transactions during its pilot phase.

The figure was disclosed by the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System, Premier Oiwoh, during a panel session at the launch of the Nigeria Payments System Vision 2028 in Abuja.

The NPS is designed to serve as the central infrastructure for Nigeria’s digital payments ecosystem, supporting faster, more secure, and fully interoperable transactions across banks, fintech firms, payment service providers, and mobile money operators.

Stakeholders at the event noted that beyond technology, the success of the National Payment Stack and the PSV 2028 framework will depend on effective execution, affordability, and broad financial inclusion

“We’ve started a control pilot transaction on the National Payment Stack. I’m very happy to announce that last night we had the highest level of transaction at 153,000 transactions on the National Payment Stack. So, I’m awaiting the Governor’s nod to put it up formally.

“Technology is just 20 per cent of this Vision 2028. We can put the best technology in place. But without the 80% of execution, it will fail. I strongly believe that a lot of Nigerians are still excluded.

“I’m an advocate of zero-rate fees for transfers. I think financial apps should be zero-rated in terms of fees. When it has to do with payment, it should be zero-rated,” Oiwoh stated.

Meanwhile, the Managing Director and Chief Executive Officer of Shared Agent Network Expansion Facilities, Uche Uzeoebo, said, “If we say we are driving financial inclusion and those we are driving it for don’t have access or we are driving with high costs, then I will say we have failed as a country.”

The comments reflect a growing industry consensus that lowering transaction costs and expanding access to digital financial services will be key to achieving Nigeria’s financial inclusion targets.

The National Payment Stack is a key component of the Nigeria Payments System Vision 2028, unveiled by the Central Bank of Nigeria as part of broader efforts to modernize the country’s payment infrastructure.

The platform is designed to enable seamless interoperability between banks, fintech companies, mobile money operators, and other financial institutions across the ecosystem.

It is expected to improve transaction speed, strengthen security, and reduce friction across the digital payments ecosystem.

The pilot programme has already demonstrated the platform’s ability to handle large transaction volumes ahead of full-scale deployment.

Industry stakeholders say the infrastructure will drive innovation and help create a more efficient payment environment for both businesses and consumers.

The development comes as Nigeria continues to experience rapid growth in electronic payments, digital banking, and fintech adoption nationwide.