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.

Key findings include:

• Nigeria: Real-time payments contributed $7 billion to GDP in 2023, with projections reaching $15 billion by 2028. Banking penetration is expected to grow by 6.5%, unlocking a $40 billion profit potential for financial institutions.
• South Africa: Banking inclusion is set to rise by 0.8%, adding $899 million in profits for banks, while GDP contributions from real-time payments are expected to double to $486 million by 2028.

The report leverages data from 40 countries and reveals—for the first time—an empirical link between real-time payments and financial inclusion.

Real-time payments drive economic growth and give citizens access to fast and affordable financial services.

According to the report, real-time payments increased GDP across all 40 countries surveyed by $164 billion in 2023, equivalent to the labour output of 12 million workers.

Additionally, the associated financial inclusion uplift experienced by many countries as a result of increasing real-time transactions presents significant new revenue opportunities for financial institutions.

As Africa’s largest real-time payments market, Nigeria is reaping the biggest economic benefits, with real-time payments contributing $7 billion of additional GDP growth in 2023 – expected to grow to $15 billion by 2028.

The share of the banked population in Nigeria is expected to increase by 6.5% between 2021 and 2028, placing Nigeria in the top five nations worldwide for inclusion uplift and representing a potential increase of $40 billion in profits for banks.

The potential for banks extends beyond regions with large unbanked populations. By 2028, South Africa—already at 84% banking penetration—could add 425,000 previously excluded individuals to the financial system.

This modest 0.8% growth represents a remarkable $899 million profit opportunity for banks. As Africa’s second-largest economy, South Africa is also a rising leader in real-time payments, with their contribution to GDP expected to more than double to $486 million by 2028, highlighting the transformative power of financial inclusion and innovation.

“Africa offers immense potential to transform its financial ecosystem through real-time payments. Real-time payments bring more than convenience – they are a catalyst for economic empowerment, enabling citizens and businesses to access affordable, seamless financial services that drive growth and opportunity.

“Amplifying this transformative potential is the collaboration between Africa’s visionary entrepreneurs, innovators and governments. Together, they are laying the groundwork for an inclusive and sustainable future, where shared vision and cooperation become the engines of progress and prosperity across the continent,” said Santhosh Rao, senior vice president of Sales for MEASA at ACI Worldwide.

Globally, real-time payments are expected to contribute $285.8 billion in additional GDP growth—a 74.2% increase over five years—and create more than 167 million new bank account holders by 2028.

The report demonstrates how real-time payments present a win-win proposition for everyone globally, not just for the financial sector but for the wider economy.