NIBSS Unveils the National Payment Stack to Power the Future of Instant Payments in Nigeria

The Nigeria Inter-Bank Settlement System (NIBSS) is proud to announce the official unveiling of the National Payment Stack (NPS) — a next-generation payment infrastructure designed to transform Nigeria’s instant payment ecosystem and redefine the future of digital transactions. The NPS builds on the rich legacy of NIBSS Instant Payments (NIP), Africa’s first real-time, account-based digital payment solution, introduced 14 years ago. Since its inception, NIBSS has been at the forefront of enabling seamless payments, secure settlements, and trusted identity validation across Nigeria’s financial ecosystem. As an institution owned by the Central Bank of Nigeria (CBN) and all deposit money banks in the country, NIBSS continues to provide critical infrastructure to power the nation’s evolving digital economy. According to Premier Oiwoh, Managing Director/CEO of NIBSS, “The strategic objective behind the development of the National Payment Stack is to catalyze innovation in digital payments, deepen financial inclusion, and enhance the delivery of social intervention programs, tax payments, and revenue collection by government entities.” He noted that with Nigeria’s ambition to build a $1 trillion economy within the next eight years, a modernized and robust payment infrastructure like the NPS is essential to stimulate growth and prepare the nation for the digital future.

“This is more than just another payment system — it’s a transition to the future. With the NPS, we’ve laid the foundation for Nigeria’s financial evolution. It’s built to serve a dynamic ecosystem and meet the needs of businesses, governments, and individuals alike,” Oiwoh emphasized.

Key Features of the National Payment Stack (NPS):

Real-time transactions and instant settlements

Advanced payment messaging via ISO 20022

Unified rail for bulk and single payments

Improved dispute resolution and reconciliation tools

KYC verification using BVN, RC Number, or TIN

Request-to-Pay and Direct Debit functionalities

Multi-currency readiness and cross-border capabilities

Sandbox-enabled partner integration in as little as 48 hours

Enhanced fraud management and transaction risk profiling

With these features, the NPS is designed to meet global benchmarks while remaining contextually relevant to Nigeria and Africa’s unique payment realities.

“From Request-to-Pay to automated reconciliation and real-time settlements, the National Payment Stack offers smarter, faster, and more transparent payment experiences for all,” Oiwoh added.

Representing the Central Bank of Nigeria (CBN), Musa Jimoh, Director of Payment System Policy, conveyed the remarks of Philip Ikeazor, Deputy Governor of Financial System Stability and Chairman of the NIBSS Board. He described the NPS as a transformational milestone, both for NIBSS and the broader Nigerian financial ecosystem.

“The NPS sets the stage for deeper trust, broader inclusion, and a new wave of innovation across Nigeria’s digital payments landscape,” he stated.

As the digital economy rapidly expands, the National Payment Stack underscores NIBSS’ unwavering commitment to providing secure, resilient, and forward-looking infrastructure that powers commerce and inclusion in Nigeria and beyond.