The Nigeria Inter-Bank Settlement System (NIBSS) has launched a new digital payment system, the National Payment Stack (NPS), in bid to overhaul the country’s payment infrastructure and meet evolving demands.
The new platform, launched in Lagos on Tuesday, is designed to replace legacy systems and consolidate digital payment processes across banks, fintechs, government agencies, and other players within the financial ecosystem.
Unlike NIBSS Instant Payments (NIP) which was built 14 years ago, the National Payment Stack is a multipurpose, real-time payment framework built from the ground up to meet current and emerging demands.
At the unveiling, NIBSS Managing Director Premier Oiwoh stressed that “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,” he said.
The NPS is structured to support both bulk and single payments through one integrated rail. It also incorporates advanced messaging using ISO 20022, a global standard that improves transaction transparency, efficiency, and automation.
Among other features, the system enables:
- Real-time transfers with instant settlement
- Request-to-Pay and Direct Debit features
- KYC verification through BVN, RC Number, or TIN
- Multi-currency functionality and potential for cross-border payments
- A sandbox environment for fintechs to integrate within 48 hours
- Enhanced fraud management and risk scoring
According to Oiwoh, “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.”
One of the key priorities of the NPS is to strengthen digital and financial inclusion in Nigeria, a goal that aligns with the Central Bank’s financial system stability strategy.
In enabling secure and low-cost payments, especially in underserved areas, NIBSS says the system will help the country expand its financial reach while strengthening trust across the ecosystem.
Deputy Governor of Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, Philip Ikeazor, described the development as a “transformative milestone.” He was represented at the launch by the CBN’s Director of Payment System Policy, Musa Jimoh.
“The NPS lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape,” Jimoh said.
The Lagos State Government, a key supporter of fintech development in Nigeria, welcomed the initiative. Governor Babajide Sanwo-Olu, represented by Deputy Chief of Staff Samuel Egube, noted that the partnership between government, banks, and the private sector was critical for growth.
“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,” Egube said.
Created in 1993 and jointly owned by the Central Bank and licensed deposit money banks, NIBSS has consistently taken on projects to modernise Nigeria’s financial infrastructure, including the AfriGO domestic card scheme and instant POS settlement systems.
The launch of the NPS, however, is seen as its biggest move yet, one that could eventually become a model for indigenous digital public infrastructure across Africa.
With Nigeria looking to build a $1 trillion economy within the next eight years, NIBSS appears to be laying the rails, quite literally, for a payment sector that can support that vision.
