Nigeria’s Platform Becomes Africa’s First ‘Mature’ Instant Payment System

Nigeria Inter-Bank Settlement System’s (NIBSS) Instant Payment platform (NIP) has become the first and only Instant Payment System (IPS) in Africa to reach the “Mature” level of inclusivity on AfricaNenda’s IPS Inclusivity Spectrum.

The landmark recognition, announced at the 2025 State of Inclusive Instant Payment Systems in Africa (SIIPS) Report Launch in Ezulwini, Eswatini, places Nigeria at the top of Africa’s digital payments hierarchy and sets a new benchmark for real-time transaction systems across the continent.

The SIIPS recognition, the highest classification yet awarded to an African payment system, followed a rigorous evaluation based on AfricaNenda’s three-tier framework for assessing inclusion, governance and user-centricity. The framework evaluates how effectively instant payment platforms facilitate broad participation, low-cost access, interoperability, dispute resolution, and accessibility for low-income users.

According to AfricaNenda, Nigeria’s NIP distinguished itself through its high level of inclusion for indirect participants such as fintechs and non-bank operators, as well as its strong dispute-resolution mechanism and consumer-protection structures. The platform’s ability to deliver real-time, 24/7 digital access, along with its simplified onboarding process for underserved populations, also contributed significantly to the top rating.

Commenting on the achievement, the managing director/chief executive of NIBSS, Premier Oiwoh, said the recognition represents more than an award, saying “the award recognises not only a system, but a vision of inclusive growth.

“It reflects our ongoing commitment to deliver payments infrastructure that is faster, affordable, safer, interoperable and accessible to all Nigerians; and indeed to partner with the continent as we define the future of payments in Africa”, he said.

According to him, since its rollout 14 years ago, NIP has redefined Nigeria’s payment architecture, becoming one of the world’s earliest successful real-time payment systems and inspiring several modernisation efforts across developing markets. Industry analysts describe the latest accolade as validation of Nigeria’s leadership in payment innovation and a boost to the country’s growing reputation as a digital-economy trailblazer.

At the event, NIBSS showcased progress on the National Payment Stack (NPS), Africa’s first ISO 20022-compliant national payment infrastructure. The NPS is designed to deliver deeper interoperability, stronger security, instant settlement and intelligent routing, features expected to elevate Nigeria’s payment ecosystem to global standards when it fully replaces the current NIP platform.

The Central Bank of Nigeria (CBN) was also acknowledged for its strategic oversight and regulatory support, which NIBSS said has consistently shaped the industry’s innovation path, reinforced operational excellence and expanded financial inclusion nationwide.