NIBSS Launches National Payment Stack to Power the Next Era of Digital Transactions

The Nigeria Inter-Bank Settlement System (NIBSS) has launched the National Payment Stack (NPS), a next-generation payment infrastructure designed to transform how digital payments are processed in Nigeria. Announced at an unveiling event in Lagos on Tuesday, the NPS marks a major upgrade from the legacy NIBSS Instant Payments (NIP) platform introduced 14 years ago.

According to NIBSS Managing Director, Premier Oiwoh, the new stack positions Nigeria to lead in digital finance infrastructure on the continent. “We didn’t just build another instant payment solution—we laid the foundation for Nigeria’s financial future,” he said.

The platform is equipped with a suite of features designed for real-time processing, regulatory compliance, and cross-border scalability. These include:

• Real-time transactions and instant settlements
• ISO 20022 advanced messaging format
• Bulk and single payments on one rail
• BVN, RC Number, or TIN-based KYC verification
• Improved fraud and risk rating management
• Request-to-Pay and Direct Debit support
• Multi-currency capability
• Sandbox integration for partners within 48 hours

Oiwoh emphasized that the platform is built not just for efficiency, but to boost innovation, improve government collections, and drive inclusion, aligning with Nigeria’s goal of becoming a $1 trillion economy in eight years.

Transformative Infrastructure for Nigeria’s Financial Ecosystem

Describing the NPS as a “transformative milestone,” Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria and Chair of the NIBSS Board, said the platform lays the foundation for “deeper trust, greater inclusion, and the next wave of innovation.”

The launch also drew support from the Lagos State Government, with Governor Babajide Sanwo-Olu (represented by his Deputy Chief of Staff) praising NIBSS for delivering homegrown infrastructure that supports easier, safer, and more transparent business environments.

The NPS follows other major digital finance efforts by NIBSS, including the rollout of AfriGO, Nigeria’s national card scheme, and the enablement of instant POS settlements for AfriGO cardholders. As Nigeria’s fintech ecosystem continues to scale, the NPS stands to become the backbone of a more resilient, efficient, and inclusive payment landscape.