Another first in Africa, revolutionizing the future of payments
By Myke Abbah
The Nigeria Inter-Bank Settlement System (NIBSS) has officially launched the National Payment Stack (NPS), a cutting-edge, ISO 20022-compliant national payment infrastructure, at an exclusive unveil event held on Tuesday, June 17, 2025 at the Eko Hotel and Suites in Lagos.
This landmark unveiling reinforces NIBSS commitment to redefining digital payments in Africa and building on a legacy of innovation that began over a decade ago with the introduction of NIBSS Instant Payments (NIP); Africa’s first real-time account-based digital payment solution.
Since then, NIBSS 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.
Now, with NPS, NIBSS introduces a unified, intelligent infrastructure that reimagines how
payments are initiated, processed, and reconciled; bringing together payments, identity and data into a single, seamless ecosystem.
“This is more than a technology upgrade; it’s a national leap forward,” said Premier Oiwoh, Managing Director and CEO, NIBSS.
“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.”
Key Highlights of the NPS 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
Built with interoperability at its core, NPS supports payment system modernization and fosters economic inclusion by enabling richer data, improved transparency, and end-to-end traceability across the financial ecosystem.
Speaking at the event, the Chief Host, Mr. Philip Ikeazor, Deputy Governor, Financial System Stability at the Central Bank of Nigeria and Chairman of the NIBSS Board, was ably
represented by Mr. Musa Jimoh, Director of Payment System Policy at the Central Bank of Nigeria, who delivered a warm and engaging welcome address.
He graciously received the esteemed guests, encouraging them to relax and enjoy an evening that promised a showcase of innovation, collaboration, and cultural richness.
He went on to highlight the significance of the National Payment Stack (NPS), describing it as a transformative milestone for both NIBSS and Nigeria’s financial ecosystem; one that lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape.
The launch event featured live demonstrations of the National Payment Stack (NPS) functionalities and was graced by the presence of the Executive Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu, ably represented by Mr. Samuel Egube, Deputy Chief of Staff, who delivered a goodwill message reaffirming the government’s commitment to supporting innovation in the digital payment space.
Also in attendance was the Director General and CEO of the National Identity Management Commission (NIMC), Engr. Abisoye Coker-Odusote, who emphasized the pivotal role of digital identity in driving financial inclusion and national development.
The event further featured a compelling policy keynote by the Chief Executive Officer of the AfricaNenda Foundation, Dr. Robert Ochola, delivered on his behalf by Jacqueline Jumah, Director of Advocacy & Capacity Development at AfricaNenda.
Her address, alongside other industry-led discussions, explored the future of digital payments in Nigeria and across Africa.
Notably, the event welcomed Deputy Governors, Directors, and senior executives from over 20 African Central Banks, national switches, and the AfricaNenda Foundation, who are currently in Nigeria for a five-day Peer Learning Visit hosted by NIBSS.
Their presence underscored the critical role of regional collaboration in advancing inclusive, interoperable payment systems. As the global payment ecosystem evolves, the National Payment Stack firmly positions Nigeria as a continental leader in driving innovation, security, and interoperability.
The Nigeria Inter-Bank Settlement System Plc (NIBSS) is a key player in Nigeria’s financial ecosystem, providing infrastructure that facilitates seamless payments, settlements, and identity validation. NIBSS is committed to advancing digital financial services, promoting financial inclusion, and enabling the development of secure, reliable, and efficient payment solutions across Nigeria.
