NIBSS Payment Stack Processes N1.4trn In 26.5m Transactions

The Nigeria Inter-Bank Settlement System (NIBSS) Plc has commenced the rollout of its National Payment Stack (NPS), processing 26.55 million transactions valued at N1.4 trillion across 48 participating institutions.

The NPS is a sovereign, ISO 20022-compliant digital payment infrastructure designed to succeed the legacy NIBSS Instant Payment (NIP) system and modernise Nigeria’s financial ecosystem.

According to NIBSS, the new payment stack integrates payments, identity and data on a single intelligent rail, while its multi-currency architecture is designed to enhance transaction processing, payment intelligence and cross-border capabilities.

Data from NIBSS showed that First Bank of Nigeria leads the industry in total transaction volume, while Fidelity Bank recorded the highest overall transaction value.

Other key early adopters contributing to the expansion of the network include Guaranty Trust Bank, Sterling Bank, Access Bank and Moniepoint.

Speaking on the rollout, Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS, described the NPS as an economic catalyst capable of transforming Nigeria’s financial infrastructure from basic transaction processing to comprehensive payment intelligence.

Oiwoh said, “The National Payment Stack represents 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.”

He stressed that achieving full ecosystem readiness would require participating financial institutions to align their technical and operational systems with the new platform.

“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,” he said.

According to him, NIBSS would continue to provide technical support, detailed guidelines and integration assistance to institutions as they work towards full compliance with Know Your Customer (KYC) validation standards and optimise Application Programming Interface (API) consumption.

He explained that the proactive engagement was necessary to prevent platform congestion, enforce proper usage standards and safeguard system performance as institutions complete integration for Funds Transfer Debit and advanced messaging capabilities.

Oiwoh said the ultimate objective was to achieve a seamless, full-industry cut-over to the NPS ahead of the planned decommissioning of the 15-year-old NIP rail.

Also speaking during a recent working visit to the NIBSS headquarters, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), Dr Rakiya Opemi Yusuf, urged financial institutions nationwide to accelerate their integration into the NPS.

Her position reinforces the apex bank’s regulatory support for the adoption of the ISO 20022 standard across Nigeria’s payment system.

The NPS introduces several operational and structural improvements, including an ISO 20022 data architecture that enables structured and metadata-rich transactions.

NIBSS said the architecture would facilitate automated corporate reconciliation, streamline merchant collections and support request-to-pay invoicing.

The platform also consolidates single transfers and high-volume corporate disbursements onto a unified system, while supporting direct debits, asynchronous processing and deferred settlement options.

With the ongoing rollout, NIBSS is positioning the NPS as the foundation for the next phase of Nigeria’s digital payments ecosystem, with participating institutions expected to complete the required integration ahead of the eventual retirement of the legacy NIP infrastructure.