The Nigeria Inter-Bank Settlement System (NIBSS) Plc has commenced the rollout of the National Payment Stack (NPS), a new sovereign digital payments infrastructure that has already processed 26.55 million transactions worth ₦1.4 trillion across 48 participating financial institutions.
The platform, which is designed to replace the legacy NIBSS Instant Payment (NIP) system, is built on the ISO 20022 standard and aims to modernise Nigeria’s payments ecosystem by integrating payments, identity and data on a unified multi-currency infrastructure with enhanced cross-border capabilities.
According to NIBSS, early operational data shows strong industry adoption, with First Bank of Nigeria leading in transaction volume while Fidelity Bank recorded the highest transaction value. Other major participating institutions include Guaranty Trust Bank, Sterling Bank, Access Bank and Moniepoint.
The payment infrastructure provider said the new platform introduces several operational improvements, including structured data architecture for automated reconciliation and merchant collections, unified payment rails for retail and corporate transactions, embedded security and compliance features, and real-time settlement and liquidity management capabilities.
NIBSS Managing Director and Chief Executive Officer, Premier Oiwoh, described the National Payment Stack as a major milestone in the evolution of Nigeria’s financial infrastructure.
He said the platform would move the industry beyond basic transaction processing to payment intelligence by delivering an ISO 20022-compliant, multi-currency payment rail capable of improving interoperability, strengthening security and supporting regional trade integration.
Oiwoh urged all participating financial institutions to accelerate their technical and operational integration with the platform, particularly by activating all related messaging and funds transfer processing capabilities.
He said NIBSS would continue to provide technical support, implementation guidelines and integration assistance to ensure compliance with Know Your Customer (KYC) validation standards and optimise application programming interface (API) usage across the ecosystem.
According to him, full industry integration is necessary to prevent congestion, maintain platform performance and facilitate a seamless transition from the 15-year-old NIP infrastructure.
The rollout also received regulatory backing from the Central Bank of Nigeria (CBN). During a recent working visit to NIBSS headquarters, the Director of the CBN’s Payments System Supervision Department, Dr. Rakiya Opemi Yusuf, urged financial institutions to accelerate their integration into the National Payment Stack, reaffirming the apex bank’s support for the adoption of the ISO 20022 standard across Nigeria’s payment system.
NIBSS, which was incorporated in 1993 and is owned by all licensed banks in Nigeria, including the CBN, has operated the country’s inter-bank payment infrastructure since 1994 and provides settlement, payment switching and financial messaging services across the banking industry.
Comment here