On June 18, 2025, the Nigeria Inter-Bank Settlement System (NIBSS) officially launched the National Payment Stack. This innovative platform is designed to revolutionise instant payment in Nigeria.
Known as NPS, the system builds on NIBSS Instant Payments (NIP), launched 14 years ago as Africa’s first real-time payment solution.
In this post, we explain what the National Payment Stack is, its features, why it matters, and how it prepares Nigeria for the future of financial services.
What Is the National Payment Stack?
The National Payment Stack (NPS) is Nigeria’s new, homegrown payment infrastructure. It merges legacy systems with modern standards like ISO 20022, enabling real-time transactions, cross-border potential, and a smooth user experience.
The goal is simple: to make instant payment available to everyone, everywhere, all the time.
Why NIBSS Created the National Payment Stack
Over time, Nigeria’s economy and digital ecosystem have grown rapidly. NIBSS MD, Premier Oiwoh, explained that the National Payment Stack is “a transition to the future”.
The platform is meant to build Nigeria’s financial infrastructure in preparation for a $1 trillion economy within eight years. It aims to deepen financial inclusion, support government payments, and drive innovation across the banking sector.
Key Features of the National Payment Stack
- Real-Time Transactions and Settlements
Payments complete instantly, with no waiting time. This fast speed builds trust and boosts digital adoption.
- Advanced ISO 20022 Messaging
This global standard adds richer information to every transaction, improving transparency and fraud control.
- Unified Payments Rail
Whether you’re making one payment or hundreds, the National Payment Stack handles them all on a single system.
- Better Dispute Management
NPS includes a faster, smarter system for resolving payment disputes in real time.
- Built-In KYC via BVN, RC, or TIN
Integration with identity tools makes verification seamless and secure.
- Request-to-Pay and Direct Debit
Businesses and consumers can initiate payments in two directions, making life easier for both.
- Multi-Currency and Cross-Border Ready
NPS is built with international payments in mind, helping Nigeria connect globally.
- Quick Sandbox Integration
Fintechs and banks can integrate within 48 hours using a test environment.
- Superior Fraud Management and Risk Scoring
Advanced analytics boost security and minimise fraud.
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Who Supports the National Payment Stack?
The launch was attended by top leaders:
- CBN Deputy Governor Philip Ikeazor, who praised the National Payment Stack as a “transformative milestone”.
- Lagos Governor Babajide Sanwo-Olu who commended NIBSS for building homegrown payment infrastructure.
With support from both regulators and state governments, the National Payment Stack is well positioned for success.
Why the National Payment Stack Matters
Boosting Financial Inclusion
Millions of Nigerians lack access to basic financial services. The National Payment Stack makes instant payment simple, accessible, and trusted, even in remote areas. This helps include more people in the financial system.
Driving Government Efficiency
With automated tax payments, social intervention support, and merchant services, NPS helps governments reach citizens more efficiently and transparently.
Enabling Digital Innovation
Fintech companies, banks, and startups can build services faster using NPS. The sandbox and modular systems allow for new apps in payments, credit, savings, and remittances.
Improving Cross-Border Trade
The platform’s multi-currency and cross-border features make it easier for Nigerians and African businesses to trade internationally.
How the National Payment Stack Compares
NPS builds on the success of the older NIBSS Instant Payments (NIP) system. While NIP was a pioneer in Africa, the National Payment Stack is faster, smarter, and more future-ready. It uses ISO 20022, which unlocks richer transaction data and smoother global interoperability.
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What Comes Next
The National Payment Stack will roll out gradually across banks, fintechs, and government agencies. NIBSS plans to keep improving the platform with updates and partnerships with global payment systems. This positions Nigeria as a leader in digital financial infrastructure across Africa.
If you’re a banker, business owner, fintech developer, or government official, it’s time to learn about and build on the National Payment Stack. This system is shaping Nigeria’s future of finance.
