Nigeria Inter-Bank Settlement System (NIBSS) has unveiled National Payment Stack (NPS), a new payment solution to transform instant payment in the country.
The NPS builds on the legacy of NIBSS Instant Payments (NIP), which was built 14 years ago as Africa’s first real-time account-based digital payment solution. NIBSS was created to provide infrastructure that facilitates seamless payments, settlements, and identity validation, and is owned by the CBN and deposit money banks in the country.
“The strategic objective of building the NPS is to drive digital payment innovation, deepen financial inclusion within the ecosystem, and improve government social intervention payments, tax payments, and revenue collection,” Premier Oiwoh, managing director of NIBSS said during the unveiling in Lagos.
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He added that with Nigeria’s target of building a $1 trillion economy in 8 years, an improved payment rail, such as the NPS, is required to stimulate and prepare the country for the future.
Oiwoh said the NPS was built to prepare 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.
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, a more efficient dispute management system, KYC verification via BVN, RC Number, or TIN Request-to-Pay, and Direct Debit capabilities.
It also has multi-currency readiness and cross-border potential, sandbox-enabled integration for partners in as little as 48 hours, improved fraud management and risk rating capabilities.
“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.
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“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,” Oiwoh added.
Philip Ikeazor, deputy governor, Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, said the NPS is a transformative milestone for both NIBSS and Nigeria’s financial ecosystem.
Ikeazor, who was represented by Musa Jimoh, director of Payment System Policy at the CBN, said the NPS lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape.
