The Nigeria Inter-Bank Settlement System has launched the National Payment Stack, a payment infrastructure aimed at redefining digital payments in Africa and building on the introduction of NIBSS Instant Payments.
The National Payment Stack, which is ISO 20022 compliant, was unveiled at an event in Lagos on Tuesday.
The new national payment infrastructure is described as an extension legacy of innovation that began over a decade ago with the introduction of NIBSS Instant Payments, Africa’s first real-time account-based digital payment solution.
With NPS, NIBSS said it has introduced a unified, intelligent infrastructure that reimagines how payments are initiated, processed, and reconciled, bringing together payments, identity, and data into a single, seamless ecosystem.
“This is more than a technology upgrade; it’s a national leap forward. The NIBSS Payment Stack reflects our vision to equip Nigeria and Africa with a platform that not only meets global standards but also speaks to our unique payment realities. From Request-to-Pay to real-time settlements, automated reconciliation, and advanced dispute management, NPS is designed to deliver smarter, faster, and more transparent payment experiences for all,” said Managing Director/Chief Executive Officer, NIBSS, Premier Oiwoh.
Oiwoh highlighted other key functions of the NPS platform, including advanced payment messaging using ISO 20022, bulk and single payments on one rail, a more efficient dispute management system, KYC verification via BVN, RC Number, or TIN, Request-to-Pay and Direct Debit capabilities, multi-currency readiness and cross-border potential, sandbox-enabled integration for partners in as little as 48 hours and improved fraud management and risk rating capabilities.
Built with interoperability at its core, the NIBSS boss said NPS supports payment system modernisation and fosters economic inclusion by enabling richer data, improved transparency, and end-to-end traceability across the financial ecosystem.
The chairman of the NIBSS board, Philip, who was represented by the Director of Payment System Policy at the Central Bank of Nigeria, Musa Jimoh, noted the importance of the new payment infrastructure.
Ikeazor, who is the CBN Deputy Governor for Financial System Stability, highlighted the significance of the National Payment Stack, describing it as a transformative milestone for both NIBSS and Nigeria’s financial ecosystem; one that lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape.
The launch event featured live demonstrations of the National Payment Stack functionalities and was graced by the presence of the Governor of Lagos State, Babajide Sanwo-Olu, who was represented by his Deputy Chief of Staff, Samuel Egube, who delivered a goodwill message reaffirming the government’s commitment to supporting innovation in the digital payment space.
In her speech, the Director-General of the National Identity Management Commission, Abisoye Coker-Odusote, emphasised the pivotal role of digital identity in driving financial inclusion and national development.
Notably, the event welcomed deputy governors, directors, and senior executives from over 20 African central banks, national switches, and the Africanenda Foundation, who are currently in Nigeria for a five-day peer learning visit hosted by NIBSS.
NIBSS is a key player in Nigeria’s financial ecosystem, providing infrastructure that facilitates seamless payments, settlements, and identity validation. NIBSS is committed to advancing digital financial services, promoting financial inclusion, and enabling the development of secure, reliable, and efficient payment solutions across Nigeria.
