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The National Payment Stack (NPS), Nigeria’s new sovereign payment infrastructure being rolled out by the Nigeria Inter-Bank Settlement System (NIBSS), has processed 26.55 million transactions valued at N1.4 trillion across 48 participating institutions.
NIBSS disclosed this on Tuesday as it provided an update on the early performance and adoption of the National Payment Stack, which is designed to replace the 15-year-old NIBSS Instant Payment (NIP) platform.
First Bank of Nigeria emerged as the leading institution by transaction volume, while Fidelity Bank recorded the highest transaction value. Other major institutions driving early adoption of the platform include Guaranty Trust Bank, Sterling Bank, Access Bank and Moniepoint.
The NPS is designed as an ISO 20022-compliant payment infrastructure aimed at modernising Nigeria’s financial system by bringing payments, identity and data onto a unified digital platform.
Unlike the existing NIP system, the new platform is built around a multi-currency architecture that NIBSS said would strengthen interoperability, improve payment intelligence and create greater capacity for cross-border transactions.
The platform is also expected to improve the way banks, fintechs and other financial institutions process and monitor transactions by providing richer transaction data and enhanced security features.
Under its ISO 20022 architecture, the NPS can support structured and detailed transaction information, which NIBSS said would make corporate reconciliation easier, improve merchant collections and support request-to-pay invoicing.
The platform also brings different payment functions onto a unified rail, including individual transfers and large-volume corporate disbursements. It supports direct debits, asynchronous processing and deferred settlement options.
Security and regulatory compliance are also built into the system, with automated sanctions screening, account validation, end-to-end encryption and real-time risk scoring designed to identify potentially fraudulent transactions before they are completed.
For banks and other financial institutions, the platform provides real-time visibility of net positions and continuous settlement accounting, which could help improve liquidity and treasury management.
Speaking on the development, the Managing Director and Chief Executive Officer of NIBSS, Premier Oiwoh, described the NPS as more than a payment-processing platform, saying it could play a wider role in Nigeria’s economic development.
“The National Payment Stack represents is an economic catalyst moving our financial infrastructure from basic transaction processing to comprehensive payment intelligence,” Oiwoh said.
He added that the ISO 20022-compliant, multi-currency platform would provide the foundation for greater interoperability, stronger security and smoother regional trade.
However, NIBSS said the full benefits of the platform would depend on the readiness of all participating financial institutions to complete their technical and operational integration.
Oiwoh urged participating institutions to activate all required messaging and fund-transfer credit and debit processing rails to ensure seamless transactions for customers.
“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.
According to him, NIBSS would continue to provide technical support, integration guidelines and assistance to financial institutions to help them meet Know Your Customer (KYC) validation requirements and maximise the use of the platform’s application programming interfaces (APIs).
He said the approach would help prevent congestion on the new platform, ensure proper usage and protect system performance as more institutions migrate their operations.
NIBSS is working towards achieving full industry migration to the NPS before eventually decommissioning the legacy NIP infrastructure, which has powered instant bank transfers in Nigeria for about 15 years.
The Central Bank of Nigeria (CBN) has also backed the migration and urged financial institutions to accelerate their integration with the new platform.
The Director of the Payments System Supervision Department at the CBN, Dr. Rakiya Opemi Yusuf, made the call during a working visit to the NIBSS headquarters.
Her position reinforces the apex bank’s support for the adoption of the ISO 20022 standard across Nigeria’s payment ecosystem.
The migration comes as electronic payments continue to expand rapidly in Nigeria, driven by the growing use of mobile banking, fintech platforms, digital wallets and instant bank transfers.
NIBSS said the NPS is expected to provide the infrastructure needed to support this growth while improving the efficiency, security and interoperability of the country’s payment system.
The organisation, incorporated in 1993 and owned by the CBN and all licensed banks, commenced operations in 1994 and has since served as a major backbone of Nigeria’s interbank payment and settlement infrastructure.
