Nigeria’s next-generation payment infrastructure, the National Payment Stack (NPS), has processed 153,000 transactions during its pilot phase.
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The milestone was disclosed by the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, during a panel discussion at the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja.
The NPS is expected to serve as the core infrastructure powering Nigeria’s digital payments ecosystem, enabling faster, more secure, and interoperable transactions across banks, fintech companies, payment service providers, and mobile money operators.
What they are saying
Industry stakeholders at the event emphasized that while technology remains important, the success of the National Payment Stack and PSV 2028 will depend largely on execution, affordability, and inclusion.
- “We’ve started a control pilot transaction on the National Payment Stack. I’m very happy to announce that last night we had the highest level of transaction at 153,000 transactions on the National Payment Stack. So, I’m awaiting the Governor’s nod to put it up formally,” Oiwoh said.
- “Technology is just 20% of this Vision 2028. We can put the best technology in place. But without the 80% of execution, it will fail. I strongly believe that a lot of Nigerians are still excluded,” he added.
- “I’m an advocate of zero-rate fees for transfers. I think financial apps should be zero-rated in terms of fees. When it has to do with payment, it should be zero-rated,” Oiwoh stated.
- “If we say we are driving financial inclusion and those we are driving it for don’t have access or we are driving with high costs, then I will say we have failed as a country,” said Uche Uzeoebo, Managing Director and Chief Executive Officer of Shared Agent Network Expansion Facilities (SANEF).
The comments highlight growing industry consensus that reducing transaction costs and expanding access to digital financial services will be critical to achieving Nigeria’s inclusion targets.
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The National Payment Stack forms a major component of the Nigeria Payments System Vision 2028 unveiled by the CBN as part of efforts to modernize the country’s payment infrastructure.
- The platform is designed to support seamless interoperability between banks, fintech firms, mobile money operators, and other financial institutions.
- It is expected to improve transaction speed, enhance security, and reduce friction within the digital payments ecosystem.
- The pilot programme has already demonstrated the platform’s capacity to process large transaction volumes ahead of a full rollout.
- Industry stakeholders believe the infrastructure will support innovation and create a more efficient payment environment for businesses and consumers.
The development comes as Nigeria continues to record rapid growth in electronic payments, digital banking, and fintech adoption across the country.
Why this matters
The National Payment Stack is expected to play a central role in Nigeria’s efforts to expand financial inclusion and support digital economic growth.
- Millions of Nigerians remain outside the formal financial system despite improvements in digital banking and mobile money services.
- Lower transaction costs and improved interoperability could encourage greater adoption of digital financial services among low-income and underserved populations.
- The platform is expected to strengthen trust in electronic payments by improving reliability and security.
- It could also support broader economic participation by making financial services more accessible to traders, farmers, small businesses, and rural communities.
However, stakeholders also warned that affordability remains a major challenge.
Moniepoint Chief Executive Officer, Tosin Eniolorunda, cautioned against excessive pressure to lower transaction fees without considering the sustainability of payment service providers.
- “Nigeria has one of the cheapest payments in the world. Cheap to the extent many operators have now become creative on how to run a sustainable organisation. So, let’s balance the drive for cheap payments with sustainability,” he said.
The debate reflects the broader challenge of balancing affordability, innovation, and commercial sustainability within Nigeria’s rapidly evolving digital payments landscape.
What you should know
The launch of the National Payment Stack comes alongside the rollout of the Nigeria Payments System Vision 2028, a roadmap aimed at transforming how Nigerians transact, save, invest, and participate in the digital economy.
- The CBN is targeting 95% financial inclusion by 2028.
- The initiative seeks to bring an estimated 50 million additional Nigerians into the formal financial system.
- The apex bank plans to expand access to digital payments through stronger infrastructure, innovation, and improved interoperability.
