Abayomi Susan
The Nigeria Inter-Bank Settlement System (NIBSS) Plc has commenced the rollout of the National Payment Stack (NPS), a sovereign and ISO 20022-compliant digital infrastructure designed to replace the legacy NIBSS Instant Payment (NIP) system and modernise Nigeria’s financial ecosystem.
The new platform integrates payments, identity and data on a unified digital rail, while its multi-currency architecture is designed to enhance transaction processing, payment intelligence and cross-border payment capabilities.
Since the commencement of operations, the NPS has processed 26.55 million transactions valued at ₦1.4 trillion across 48 participating financial institutions. FirstBank of Nigeria leads in transaction volume, while Fidelity Bank ranks highest in transaction value. Other major early adopters include Guaranty Trust Bank, Sterling Bank, Access Bank and Moniepoint.
The NPS introduces several improvements to Nigeria’s payment infrastructure, including an ISO 20022-based data architecture, unified payment rails, enhanced security and compliance measures, and real-time treasury and liquidity management capabilities.
Speaking on the development, NIBSS Managing Director and Chief Executive Officer, Premier Oiwoh, described the National Payment Stack as a major catalyst for the transformation of Nigeria’s financial infrastructure.
He said the platform would move the country’s payment system beyond basic transaction processing towards greater interoperability, enhanced security and improved support for regional trade.
Oiwoh also urged all participating financial institutions to accelerate their technical and operational integration with the platform, stressing the need for full activation of relevant messaging and fund-transfer capabilities.
According to him, NIBSS will continue to provide technical support, integration guidance and assistance to ensure institutions meet KYC validation requirements and optimise their use of the platform’s APIs.
Meanwhile, Dr. Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), has called on financial institutions across the country to accelerate their integration with the NPS.
The call was made during her recent working visit to the NIBSS headquarters and reinforces the CBN’s regulatory support for the adoption of the ISO 20022 standard across Nigeria’s payment ecosystem.
About NIBSS:
Nigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in June 1994. NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.
Nigeria Inter-Bank Settlement System Plc (NIBSS) operation is supported with the best Information, Communication and Technology infrastructure for Automated Online operations as well as effective information and data transmission security practices to deliver world-class payment/settlement services. Operational and Credit Risks in funds transfer across financial institutions are adequately mitigated by NIBSS operations.
