June 18, (THEWILL) – The Nigeria Inter-Bank Settlement System (NIBSS) has launched the National Payment Stack (NPS), a next-generation, ISO 20022-compliant national payment infrastructure, in a landmark event held on Tuesday, June 17, 2025, at the Eko Hotel and Suites, Lagos.
This unveiling marks a significant milestone in Nigeria’s digital transformation journey and reaffirms NIBSS’s commitment to redefining payment systems in Africa.
It also builds on NIBSS’s decade-long legacy of innovation, which began with the launch of NIBSS Instant Payments (NIP), Africa’s first real-time account-based digital payment solution.
Since then, NIBSS has introduced a series of groundbreaking initiatives, including the creation of AfriGO, Nigeria’s domestic card scheme, and the rollout of instant settlement on POS transactions for AfriGO cardholders.
With the introduction of the National Payment Stack, NIBSS is now offering a unified, intelligent infrastructure that reimagines how payments are initiated, processed, and reconciled—merging payments, identity, and data into one 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 addresses our unique payment realities,” said Premier Oiwoh, Managing Director and CEO of NIBSS.
He added that the NPS platform is engineered to deliver smarter, faster, and more transparent payment experiences, with features including Request-to-Pay, real-time settlements, automated reconciliation, and advanced dispute management.
The NPS platform enables real-time transactions with instant settlements, incorporates advanced payment messaging via ISO 20022, and supports both bulk and single payments on a unified rail. It also offers an efficient dispute management system and KYC verification through BVN, RC Number, or TIN.
In addition, NPS provides Request-to-Pay and Direct Debit capabilities, is ready for multi-currency use and cross-border expansion, and supports sandbox-enabled integration for partners within 48 hours. Enhanced fraud management and risk rating capabilities are also embedded in the platform.
Built for interoperability, the platform supports modernization across the payment system and promotes financial inclusion through richer data, improved transparency, and end-to-end traceability across Nigeria’s financial landscape.
Speaking at the unveiling, Mr. Philip Ikeazor, Deputy Governor of Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, was represented by Mr. Musa Jimoh, Director of Payment System Policy at the CBN. Jimoh welcomed guests warmly and emphasized the transformational importance of the National Payment Stack to Nigeria’s financial ecosystem.
He described NPS as a milestone that lays the foundation for deeper trust, wider inclusion, and the next wave of innovation in Nigeria’s digital payments space.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
