LAGOS, Nigeria — August 11, 2026: The Nigeria Inter-Bank Settlement System (NIBSS) Plc has commenced the rollout of the National Payment Stack (NPS), a sovereign, ISO 20022-compliant digital infrastructure designed to replace the legacy NIBSS Instant Payment (NIP) system and transform Nigeria’s payments ecosystem.
The new platform integrates payments, identity and data on a unified digital rail, with a multi-currency architecture designed to enhance transaction processing, payment intelligence and cross-border financial connectivity.
Early operational figures show strong industry adoption, with the NPS already processing 26.55 million transactions valued at ₦1.4 trillion across 48 participating institutions.
FirstBank of Nigeria currently leads the industry in transaction volume, while Fidelity Bank ranks first in overall transaction value. Other major institutions contributing to the network’s early growth include Guaranty Trust Bank, Sterling Bank, Access Bank and Moniepoint.
The NPS introduces several major technological and operational improvements, including:
ISO 20022 Data Architecture: Enables structured, information-rich transactions that support automated reconciliation, merchant collections and request-to-pay invoicing.
Unified Payment Rails: Brings single transfers and high-volume corporate disbursements onto a common platform, while supporting direct debits, asynchronous processing and deferred settlement.
Enhanced Security and Compliance: Integrates automated sanctions screening, account validation, end-to-end encryption and real-time risk scoring to identify potential fraud before transactions are executed.
Improved Treasury Management: Provides participating financial institutions with real-time visibility of net positions and continuous settlement accounting to enhance liquidity management.
NIBSS Managing Director and Chief Executive Officer, Premier Oiwoh, described the National Payment Stack as an economic catalyst capable of moving Nigeria’s financial infrastructure beyond basic transaction processing towards advanced payment intelligence.
“By delivering an ISO 20022-compliant, multi-currency rail, we are laying the groundwork for unprecedented interoperability, heightened security and seamless regional trade,” Oiwoh said.
He urged all participating financial institutions to accelerate their technical and operational integration to ensure a seamless experience for end users.
According to him, institutions must activate the relevant messaging and fund-transfer credit and debit processing rails while ensuring compliance with KYC validation requirements and optimising API usage.
Oiwoh noted that NIBSS would continue to provide technical support, integration guidelines and assistance to participating institutions as the industry works towards completing integration for Funds Transfer Debit and advanced messaging capabilities.
He said the ultimate objective is a full industry-wide transition to the National Payment Stack and the eventual decommissioning of the 15-year-old NIP infrastructure.
The call for accelerated adoption was reinforced by Dr. (Mrs.) Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), during a recent working visit to NIBSS headquarters.
Yusuf urged financial institutions across the country to expedite their NPS integration, reaffirming the CBN’s regulatory support for the adoption of the ISO 20022 standard across Nigeria’s payments ecosystem.
About NIBSS
The Nigeria Inter-Bank Settlement System Plc was incorporated in 1993 and commenced operations in June 1994. Owned by licensed banks and the Central Bank of Nigeria, NIBSS provides critical infrastructure for inter-bank payments, funds transfer and settlement.
The organisation operates modern information and communications technology infrastructure designed to support secure, efficient and reliable payment and settlement services while mitigating operational and credit risks across participating financial institutions.
