The NPS was officially introduced during a high-profile event in Lagos on Tuesday, where stakeholders from the financial, public, and private sectors gathered to witness what many are calling a pivotal milestone in Nigeria’s payment ecosystem.
Building the Future of Payments
Speaking at the launch, NIBSS Managing Director Premier Oiwoh emphasized the forward-looking nature of the new system.
“It’s a transition to the future. With NPS, we didn’t just build another instant payment solution—we laid the foundation for Nigeria’s financial future,” Oiwoh stated.
Designed to support the demands of an increasingly digital economy, the NPS aims to deliver smarter, faster, and more transparent payment experiences. According to Oiwoh, the platform was created not only to meet global standards but also to reflect Nigeria’s unique financial realities.
Key Features of the National Payment Stack
The NPS introduces a robust set of features that collectively enhance the speed, transparency, and security of digital transactions:
- Real-time transactions and instant settlements
- Advanced ISO 20022 messaging for better data exchange
- Support for both bulk and single payments
- Efficient dispute management and reconciliation systems
- KYC verification using BVN, RC Number, or TIN
- Request-to-Pay and Direct Debit capabilities
- Multi-currency and cross-border transaction readiness
- Developer-friendly sandbox integration within 48 hours
- Enhanced fraud detection and risk-rating tools
These features are designed to not only serve individuals and businesses but also to support government functions like social intervention disbursements, tax payments, and revenue collections more efficiently.
A Vision Aligned with National Economic Goals
Oiwoh further noted that an improved payment infrastructure like the NPS is essential for achieving Nigeria’s ambitious $1 trillion GDP target within eight years.
“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,” he said.
Institutional Backing and Stakeholder Support
Representing the Central Bank of Nigeria (CBN), Musa Jimoh, Director of Payment System Policy, described the NPS as a transformative milestone. Delivering remarks on behalf of Philip Ikeazor, Deputy Governor for Financial System Stability and Chairman of the NIBSS Board, Jimoh noted:
“The NPS lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape.”
The initiative also earned praise from Lagos State Governor Babajide Sanwoolu, who was represented at the event by Deputy Chief of Staff Samuel Egube. Sanwoolu highlighted Lagos’ commitment to supporting innovation that enhances business transparency, ease, and inclusion.
A Legacy of Innovation
Since its establishment in 1993, NIBSS—jointly owned by the CBN and deposit money banks—has consistently pushed the boundaries of what’s possible in Nigeria’s financial sector. The launch of the AfriGO national card scheme and recent instant POS settlements for AfriGO cardholders underscore its commitment to homegrown, scalable solutions.
With the introduction of the National Payment Stack, NIBSS is once again setting the pace, reinforcing Nigeria’s position as a leader in digital financial services on the African continent.