The Nigeria Inter-Bank Settlement System (NIBSS) PLC has announced that its National Payment Stack (NPS) has achieved a significant milestone, surpassing 100 million successful transactions as of September 25, 2026. This accomplishment reflects the transformative impact of the NPS across the entire financial institutions ecosystem in Nigeria. The NPS provides a unified, future-ready foundation for seamless, data-rich, and secure payments.
The NPS is built on full compliance with the ISO 20022 global messaging standard, ensuring enhanced interoperability, improved straight-through processing, and richer data for better transparency, fraud monitoring, and regulatory reporting. This compliance has significantly reduced integration complexity, lowered cost-to-serve, and accelerated innovation in payments. 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. According to Premier Oiwoh, Managing Director/CEO of NIBSS, the NPS is not just processing transactions; it is securing livelihoods, empowering the last mile, and strengthening the resilience of the entire financial ecosystem. The NPS has become a crucial component of Nigeria's financial landscape, driving economic empowerment, job creation, and inclusive growth.
The National Payment Stack has been instrumental in promoting financial inclusion and security in Nigeria. By offering a single, standardised rail, the NPS has enabled commercial banks, microfinance banks, fintechs, and mobile money operators to provide seamless and secure payment services to their customers. The robust security architecture and end-to-end protection of the NPS have further strengthened trust in the nation's payment system.
NIBSS has reiterated 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 continue driving innovation and growth in the payments industry, while ensuring the security and integrity of the financial system.
The growth of the NPS is expected to have a positive impact on Nigeria's economy, promoting financial inclusion, job creation, and economic empowerment. The NPS has the potential to become a major driver of economic growth, as it provides a platform for small businesses and entrepreneurs to access digital financial services and participate in the formal economy.
As Nigeria continues to move towards a cashless economy, the NPS is well-positioned to play a critical role in shaping the future of payments in the country. With its robust security architecture and commitment to innovation, the NPS is expected to remain a key component of Nigeria's financial landscape, driving growth, inclusion, and security in the payments industry.
Key points
- The National Payment Stack has surpassed 100 million successful transactions, marking a major milestone in Nigeria's payments modernisation journey.
- The NPS is built on full compliance with the ISO 20022 global messaging standard, ensuring enhanced interoperability and security.
- The achievement of 100 million transactions on the NPS reflects the transformative impact of the platform across the entire financial institutions ecosystem in Nigeria.
