NIBSS rolls out National Payment Stack as transactions hit 26.55m

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The Nigeria Inter-Bank Settlement System (NIBSS) Plc, Nigeria’s foremost payments infrastructure provider, has commenced the rollout of the National Payment Stack (NPS), a sovereign, ISO 20022-compliant digital infrastructure designed to succeed the legacy NIBSS Instant Payment (NIP) system and modernise Nigeria’s financial ecosystem.

The NPS brings payments, identity and data onto a single intelligent rail, while its multi-currency architecture combines transaction processing with payment intelligence and establishes enhanced capabilities for cross-border payments.
Initial operational metrics indicate rapid adoption, with the NPS already processing 26.55 million transactions valued at ₦1.4 trillion across 48 participating institutions.

FirstBank of Nigeria leads the industry in transaction volume, while Fidelity Bank leads in transaction value. Other key early adopters driving network growth include Guaranty Trust Bank, Sterling Bank, Access Bank and Moniepoint.
The platform introduces several operational and structural improvements to Nigeria’s financial ecosystem, including:
ISO 20022 Data Architecture: Enables structured, metadata-rich transactions that automate corporate reconciliation, streamline merchant collections and support request-to-pay invoicing.

Unified Payment Rails: Consolidates single transfers and high-volume corporate disbursements on one platform, while supporting direct debits, asynchronous processing and deferred settlement options.

Embedded Security and Compliance: Integrates automated sanctions screening, account validation, end-to-end encryption and in-flight risk scoring to identify potential fraud before transactions are executed.

Treasury Precision: Provides real-time visibility into net positions and continuous settlement accounting to improve liquidity management for participating financial institutions.

Commenting on the development, Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS, described the NPS as an economic catalyst that would move Nigeria’s financial infrastructure beyond basic transaction processing towards comprehensive payment intelligence.

“The National Payment Stack represents an economic catalyst moving our financial infrastructure from basic transaction processing to comprehensive payment intelligence. By delivering an ISO 20022-compliant, multi-currency rail, we are laying the groundwork for unprecedented interoperability, heightened security and seamless regional trade,” Oiwoh said.

He stressed the need for financial institutions to complete their technical and operational integration to ensure a seamless experience for end users.

“To guarantee an optimal transaction experience for end-users, it is imperative that all participating financial services institutions immediately activate all related messages and fund transfer credit and debit processing rails,” he said.
Oiwoh added that NIBSS would continue to provide technical support, detailed guidelines and integration assistance to help participating institutions achieve full compliance with Know Your Customer (KYC) validation standards and optimise API consumption.

He noted that the coordinated integration would help prevent platform congestion, enforce proper usage standards and safeguard system performance as the industry works towards completing integration for Funds Transfer Debit and advanced messaging capabilities.

“Ultimately, our shared objective is to achieve a seamless, full industry cut-over to the National Payment Stack as we prepare to decommission our 15-year-old legacy NIP rail,” he said.

Reinforcing the call for accelerated integration, Dr. Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), urged financial institutions across the country to speed up their NPS integration during a recent working visit to the NIBSS headquarters.

Her position reinforces the CBN’s regulatory support for the adoption of the ISO 20022 standard across Nigeria’s payment system.