NIBSS Unveils National Payment Stack to Enhance Real-time Settlement

NumeEkeghe

The Nigeria Inter-Bank Settlement System (NIBSS) yesterday officially launched the National Payment Stack (NPS), a unified, ISO 20022-compliant payment platform designed to modernise, simplify, and deepen Nigeria’s payment ecosystem.

The NPS is a transformative innovation that seamlessly integrates payments, identity, and data into one intelligent infrastructure.

The platform’s features include real-time settlements, automated reconciliation, improved dispute management, request-to-pay capabilities, and direct debit, which are all underpinned by global payment standards and built with interoperability at its core.

The unveiling reinforces NIBSS’ commitment to redefining digital payments in Africa and building on a legacy of innovation that began over a decade ago with the introduction of NIBSS Instant Payments (NIP), Africa’s first real-time account-based digital payment solution.

At the unveiling held recently in Lagos, which brought together bank managing directors, key players in Nigeria’s payment ecosystem, and senior officials from central banks and national payment infrastructure providers of 20 African countries, the Managing Director and CEO of NIBSS, Premier Oiwoh, said: “This is more than a technology upgrade; it’s a national leap forward. The NIBSS Payment Stack reflects our vision to equip Nigeria and Africa with a platform that not only meets global standards but speaks to our unique payment realities.

“From Request-to-Pay to real-time settlements, automated reconciliation, and advanced dispute management, NPS is designed to deliver smarter, faster, and more transparent payment experiences for all.”

With NPS, payments can now be settled in real time across various use cases, from single and bulk transactions to direct debits and merchant payments. It also enables automated dispute resolution, real-time messaging, and robust KYC verification using existing national identifiers such as the BVN, TIN, and RC Number. Its multi-currency capabilities and cross-border potential position it as a regional asset in Africa’s evolving digital finance landscape.

Built with interoperability at its core, NPS offers partners and developers the ability to integrate via sandbox in as little as 48 hours, enabling innovation at scale. It also features a modern risk management framework that enhances fraud detection and offers improved transparency and traceability across the payment ecosystem.

Speaking also at the event, the chief host, the Deputy Governor, Financial System Stability, Central Bank of Nigeria and Chairman of the NIBSS Board, Mr. Philip Ikeazor, who was represented by Director of Payment System Policy at the Central Bank of Nigeria, Mr. Musa Jimoh, highlighted the significance of the NPS.

He described it as a transformative milestone for both the NIBSS and Nigeria’s financial ecosystem, one that lays the foundation for deeper trust, greater inclusion, and the next wave of innovation across the digital payment landscape.

The launch event featured live demonstrations of the NPS functionalities and was graced by the Governor of Lagos State, Mr. BabajideOlusolaSanwo-Olu, who was represented by Mr. Samuel Egube, Deputy Chief of Staff, who delivered a goodwill message reaffirming the government’s commitment to supporting innovation in the digital payment space.

Also in attendance was the Director General and CEO of the National Identity Management Commission (NIMC), Engr. Abisoye Coker-Odusote, who emphasised the pivotal role of digital identity in driving financial inclusion and national development.