NIBSS Unveils Bold Play for Nigeria’s Payment Future

The Nigeria Inter-Bank Settlement System (NIBSS) has introduced the National Payment Stack (NPS) — a next-generation payment infrastructure aimed at transforming how Nigerians move money. With features like real-time settlements, advanced messaging standards, and cross-border readiness, the NPS could redefine instant payments for both banks and users.

Unveiled in Lagos on Tuesday, the launch signals NIBSS’s plan to move beyond its flagship Instant Payments (NIP) platform, which was developed 14 years ago and widely recognised as Africa’s first real-time, account-based digital solution. According to NIBSS Managing Director Premier Oiwoh, the NPS is not just an upgrade but “a transition to the future.”

He added, “We didn’t just build another instant payment solution — we laid the foundation for Nigeria’s financial future.”

What the National Payment Stack Really Offers

At its core, the NPS is built to match global fintech standards while solving distinctly Nigerian challenges. It supports both bulk and single transactions, offers ISO 20022-based payment messaging, and includes dispute resolution tools with enhanced transparency.

It also features Request-to-Pay, Direct Debit, and identity verification through BVN, RC Number, or TIN. Developers can plug into the system in as little as 48 hours, thanks to its sandbox-ready design. Even more notably, the stack is multi-currency enabled and positions itself for eventual cross-border usage.

Oiwoh says these capabilities are part of a broader goal: to drive digital innovation, improve government revenue collection, and support Nigeria’s ambition of becoming a $1 trillion economy within the next eight years.

Why It Matters for Nigeria and Africa

Industry leaders are already calling the new stack a milestone in Nigeria’s financial story. The Central Bank of Nigeria’s Deputy Governor of Financial System Stability, Mr. Philip Ikeazor, described the platform as “a transformative milestone”, emphasising its potential to strengthen trust, inclusion, and innovation. He was represented by Mr. Musa Jimoh, Director of Payment System Policy at the CBN.

Lagos State Governor Babajide Sanwoolu also weighed in, praising the platform’s collaborative development. Represented by Deputy Chief of Staff Samuel Egube, the governor noted, “This kind of strategic partnership adjusts what Nigeria and Africa need to flourish in our ever-evolving digital landscape.”