NIGERIA: National Payment Stack to Power the Future of Instant Payments in Nigeria

The Nigeria Inter-Bank Settlement System (NIBSS) has announced the official unveiling of the National Payment Stack (NPS) — a next-generation payment infrastructure designed to transform Nigeria’s instant payment ecosystem and redefine the future of digital transactions.

The NPS builds on the rich legacy of NIBSS Instant Payments (NIP), Africa’s first real-time, account-based digital payment solution, introduced 14 years ago. Since its inception, NIBSS has been at the forefront of enabling seamless payments, secure settlements, and trusted identity validation across Nigeria’s financial ecosystem. As an institution owned by the Central Bank of Nigeria (CBN) and all deposit money banks in the country, NIBSS continues to provide critical infrastructure to power the nation’s evolving digital economy.

According to Premier Oiwoh, Managing Director/CEO of NIBSS, “The strategic objective behind the development of the National Payment Stack is to catalyze innovation in digital payments, deepen financial inclusion, and enhance the delivery of social intervention programs, tax payments, and revenue collection by government entities.” He noted that with Nigeria’s ambition to build a $1 trillion economy within the next eight years, a modernized and robust payment infrastructure like the NPS is essential to stimulate growth and prepare the nation for the digital future.

SOURCE: AGENCIES