The Nigeria Inter-Bank Settlement System (NIBSS) has launched a new payment infrastructure called the National Payment Stack (NPS).
The unveiling, which took place in Lagos on Tuesday, June 17, 2025, marks a major upgrade to the country’s 14-year-old NIBSS Instant Payment system.
Speaking during the unveiling, Premier Oiwoh, Managing Director of NIBSS, said the NPS was built to prepare Nigeria for the future of financial transactions by making them smarter, faster, and more secure.
“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,” Oiwoh stated.
Key Features of the National Payment Stack
The new platform offers a suite of features aimed at enhancing payment efficiency, transparency, and integration across the financial ecosystem. It include:
- Real-time transactions and instant settlements
- Advanced payment messaging using ISO 20022, a global standard
- Support for both bulk and single payments on a unified rail
- Improved dispute management system
- KYC verification via BVN, RC Number, or TIN
- Request-to-Pay and Direct Debit functionality
- Multi-currency compatibility and cross-border transaction potential
- Sandbox-enabled partner integration within 48 hours
- Enhanced fraud management and dynamic risk rating
Strengthening Inclusion, Tax Efficiency, and Government Services
Oiwoh emphasised that the NPS was designed not only for banks and fintechs but also to improve government social intervention programmes, enhance tax collection, and facilitate transparent revenue remittance at all levels.
“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,” he said.
Lagos State Governor Babajide Sanwo-Olu, represented by Deputy Chief of Staff, Mr. Samuel Egube, also commended the initiative as a timely boost to ease of doing business.
“This kind of strategic partnership adjusts what Nigeria and Africa need to flourish in our ever-evolving digital landscape,” Sanwo-Olu said. “As the commercial heart of Nigeria, Lagos is excited to support innovations that make doing business easier, safer, more transparent, and more inclusive.”
CBN Applauds the Innovation
Representing the Central Bank of Nigeria (CBN) at the event, Mr. Musa Jimoh, Director of Payment System Policy, described the NPS as a transformational milestone for Nigeria’s financial ecosystem.
Jimoh, speaking on behalf of CBN Deputy Governor for Financial System Stability and NIBSS Board Chairman, Mr. Philip Ikeazor, said the new stack will “lay the groundwork for deeper trust, stronger interoperability, and the next wave of payment innovation in Nigeria.”
About the NIBSS
Established in 1993, the Nigeria Inter-Bank Settlement System is jointly owned by the CBN and Nigeria’s deposit money banks.
Its core mandate is to provide secure, efficient infrastructure for payments, identity validation, and financial data exchange.
The organization continues to break barriers with initiatives like AfriGO, Nigeria’s domestic card scheme, and instant POS settlement for cardholders.
