The Nigeria Inter-Bank Settlement System (NIBSS) has unveiled the National Payment Stack (NPS), a cutting-edge payment infrastructure designed to revolutionize digital payments in Africa. Building on the success of NIBSS Instant Payments, Africa’s first real-time account-based digital payment solution, NPS introduces a unified, intelligent infrastructure that streamlines payments, identity, and data into a single ecosystem.
NPS boasts advanced features, including ISO 20022 compliance, real-time settlements, automated reconciliation, and enhanced dispute management. According to Premier Oiwoh, Managing Director/CEO of NIBSS, “This is more than a technology upgrade; it’s a national leap forward.”
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The new payment infrastructure promises to deliver numerous benefits and these includes smarter, faster, and more transparent payment experiences, improved fraud management and risk rating capabilities, enhanced KYC verification via BVN, RC Number, or TIN and multi-currency readiness and cross-border potential
The launch event, attended by key stakeholders, featured live demonstrations of NPS functionalities. The CBN Deputy Governor for Financial System Stability hailed the initiative as a transformative milestone for Nigeria’s financial ecosystem.
With NPS, NIBSS aims to drive financial inclusion, payment system modernization, and economic growth. As a key player in Nigeria’s financial ecosystem, NIBSS is committed to advancing digital financial services and enabling secure, reliable, and efficient payment solutions.
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