Nigeria Inter-Bank Settlement System (NIBSS) has unveiled a new payment solution called National Payment Stack (NPS) to revolutionise instant payment in the country.
The NPS builds on the legacy of NIBSS Instant Payments (NIP), which was built 14 years ago as Africa’s first real-time account-based digital payment solution.
Speaking during the unveiling in Lagos on Tuesday, the Managing Director of NIBSS, Mr. Premier Oiwoh, said the NPS was built to prepare Nigeria for the future of digital payments.
“It’s a transition to the future. With NPS, we didn’t just build another instant payment solution, we laid the foundation for Nigeria’s financial future,” Oiwoh said.
Features of the new payment platform
According to the NIBSS MD, some of the features of the new payment platform include:
- Real-time transactions and instant settlements
- Advanced payment messaging using ISO 20022
- Bulk and single payments on one rail
- 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
- Improved fraud management and risk rating capabilities
Oiwoh noted that the strategic objective of building the NPS is to drive digital payment innovation, deepen financial inclusion within the ecosystem, and improve government social intervention payments, tax payments, and revenue collection.
He added that with Nigeria’s target of building a $1 trillion economy in 8 years, an improved payment rail, such as the NPS, is required to stimulate and prepare the country for the future.
“The NIBSS Payment Stack reflects our vision to equip Nigeria and Africa with a platform that not only meets global standards but 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,” he said.
A milestone in Nigeria’s financial industry
Speaking at the event, the Deputy Governor, Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, Mr. Philip Ikeazor, described the NPS as a transformative milestone for both NIBSS and Nigeria’s financial ecosystem.
Ikeazor, who was represented by the Director of Payment System Policy at the CBN, Mr. Musa Jimoh, said the NPS lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape.
Also speaking, the Lagos State Governor, Mr. Babajide Sanwoolu, commended NIBSS for the ability to bring together a variety of stakeholders to create the homegrown infrastructure.
“This kind of strategic partnership adjusts what Nigeria and Africa need to flourish in our ever-evolving digital landscape.
“As the commercial heart of Nigeria, Lagos is excited to support innovations that make doing business easier, safer, more transparent, and more inclusive,” said the Governor, who was represented by Deputy Chief of Staff, Mr. Samuel Egube.
What you should know
Created in 1993 to provide infrastructure that facilitates seamless payments, settlements, and identity validation, NIBSS is owned by the CBN and deposit money banks in the country.
The organization has continued to push the boundaries of possibilities with major initiatives like the launch of AfriGO, Nigeria’s national domestic card scheme, and the recent roll-out of instant settlement on POS transactions for AfriGO cardholders.
I really like how fintech is modernizing investment banking. More partnerships and transparency will help this space grow stronger.