The Nigeria Inter-Bank Settlement System
(NIBSS) Plc, Nigeria’s foremost payments infrastructure provider, has commenced the
rollout of the National Payment Stack (NPS), a sovereign, ISO 20022 compliant digital
infrastructure designed to succeed legacy NIBSS Instant Payment (NIP) system and
modernize Nigeria’s financial ecosystem. Unifying payments, identity, and data onto a
single intelligent rail, the multi-currency architecture bridges transaction processing and
payment intelligence while establishing robust cross-border capabilities.

Initial operational metrics highlight rapid commercial adoption, with the NPS platform
already recording 26.55 million transactions valued at ₦1.4 trillion across 48 participating
institutions. First Bank of Nigeria leads the industry in total transaction volume, while
Fidelity Bank holds the lead in overall transaction value. Other key early adopters driving
network scale also include Guaranty Trust Bank, Sterling Bank, Access Bank and
Moniepoint.

The platform introduces key operational and structural advances across the financial
sector:
• ISO 20022 Data Architecture: Enables structured, metadata-rich transactions that
automate corporate reconciliation, streamline merchant collections, and power
request-to-pay invoicing.
• Unified Payment Rails: Consolidates single transfers and high-volume corporate
disbursements onto one platform, supporting direct debits, asynchronous
processing, and deferred settlement options.
• Embedded Security & Compliance: Integrates automated sanction screening,
account validation, end-to-end encryption, and in-flight risk scoring to detect
fraud prior to execution.
• Treasury Precision: Delivers real-time net position visibility and continuous
settlement accounting to optimize liquidity management for participating lenders.

“The National Payment Stack represents is an economic catalyst moving our financial
infrastructure from basic transaction processing to comprehensive 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,”
stated Premier Oiwoh, Managing Director and CEO of NIBSS.

He further emphasized that complete ecosystem readiness relies heavily on full
participant alignment across technical and operational fronts: “To guarantee an optimal
transaction experience for end-users, it is imperative that all participating financial
services institutions immediately activate all related messages and fund transfer credit
and debit processing rails. NIBSS remains committed to providing continuous technical
support, detailed guidelines, and integration assistance to help institutions achieve full
compliance with KYC validation standards and optimize API consumption.

This proactive engagement will prevent platform congestion, enforce proper usage standards,
and safeguard system performance as we work together with all institutions to complete
integration for Funds Transfer Debit and advanced messaging capabilities. Ultimately,
our shared objective is to achieve a seamless, full industry cut-over to the National
Payment Stack as we prepare to decommission our 15-year-old legacy NIP rail.”

Reinforcing this call to action, Dr. (Mrs.) Rakiya Opemi Yusuf, Director of the Payments
System Supervision Department at the Central Bank of Nigeria (CBN), urged financial
institutions nationwide to accelerate their NPS integration during a recent working visit
to NIBSS Headquarters. Her statement reaffirms the apex bank’s mandatory and full
regulatory support for the ISO 20022 standard in Nigeria’s payment system.

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