The Nigeria Inter-Bank Settlement System (NIBSS) PLC has announced that its National Payment Stack (NPS) has surpassed 100 million successful transactions as of September 25. This achievement marks a significant milestone in Nigeria's payments modernisation journey. The NPS was built on full compliance with the ISO 20022 global messaging standard, providing a unified foundation for seamless, data-rich, and secure payments.
The ISO 20022 compliance ensures enhanced interoperability, improved straight-through processing, and richer data for better transparency, fraud monitoring, and regulatory reporting across the ecosystem. This milestone reflects the transformative impact of the NPS across the entire financial institutions ecosystem, including commercial banks, microfinance banks, fintechs, mobile money operators, and payment service providers.
The NPS has significantly reduced integration complexity, lowered cost-to-serve, and accelerated innovation in payments by offering a single, standardised rail. The benefits of the NPS extend to the last mile, empowering small businesses, merchants, agents, and unbanked citizens with faster, more reliable, and secure access to digital financial services.
The achievement of 100 million transactions on the NPS is a validation of the collective resolve to build a world-class payment system for Nigeria. The Managing Director/CEO of NIBSS, Premier Oiwoh, emphasised that the NPS is not just processing transactions; it is securing livelihoods, empowering the last mile, and strengthening the resilience of the entire financial ecosystem.
NIBSS reiterates its commitment to collaborating with the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Payment Service Banks (PSBs), Fintechs, and all stakeholders to build a secure, inclusive, and globally competitive payments system for Nigeria. The organisation aims to drive economic empowerment, job creation, and inclusive growth through the NPS.
The robust security architecture and end-to-end protection of the NPS further strengthen trust in the nation's payment system. The achievement of 100 million transactions is a testament to the effectiveness of the NPS in driving financial inclusion and economic empowerment in Nigeria.
The milestone achieved by the NPS has significant implications for Nigeria's financial sector, demonstrating the potential for collaboration and innovation in driving financial inclusion and economic growth. As the NPS continues to evolve, it is expected to play an increasingly important role in shaping the future of payments in Nigeria.
Key points
- The Nigeria Inter-Bank Settlement System's National Payment Stack has surpassed 100 million successful transactions.
- The National Payment Stack was built on full compliance with the ISO 20022 global messaging standard.
- The achievement reflects the transformative impact of the NPS across the entire financial institutions ecosystem in Nigeria.
