NIBSS Launches ISO 20022-Compliant National Payment Stack to Revolutionize Digital Payments in Nigeria and Africa
The Nigeria Inter-Bank Settlement System (NIBSS) has officially launched the National Payment Stack (NPS), an advanced payment infrastructure built on the global ISO 20022 standard. The platform is designed to unify Nigeria’s digital payment systems while enabling interoperability within the country and across borders. Speaking at the launch, NIBSS CEO Premier Oiwoh emphasized that the NPS marks a significant evolution from NIBSS’s earlier innovations, such as the Instant Payments (NIP) system, which was Africa’s first real-time account-based digital payment solution.
Oiwoh noted that NIBSS has consistently led in financial innovation, referencing its creation of the AfriGO card scheme and recent introduction of instant POS settlement for AfriGO users. The NPS further strengthens this legacy by integrating payments, identity, and data into one intelligent and unified infrastructure. According to Oiwoh, this development enhances transaction efficiency and supports future-facing capabilities for both domestic and international financial services.
The infrastructure also places Nigeria in a leadership role on the continent, offering its experience and systems to other African nations aiming to build or upgrade their own digital payment platforms. Oiwoh confirmed that Nigeria has already assisted a couple of countries and is currently in discussions with others looking to adopt elements of the NPS system. This positions the country as a key player in shaping Africa’s broader digital financial landscape.
Representing the Central Bank of Nigeria, Musa Jimoh praised the NPS as a transformative milestone that will not only strengthen trust and inclusion but also spark a wave of innovation in Nigeria’s financial ecosystem. He emphasized the critical role the system will play in driving the next stage of digital financial services in the country, offering new opportunities for integration, security, and user experience.
The event also saw support from Lagos State Governor Babajide Sanwo-Olu, who was represented by Deputy Chief of Staff Sam Ebube. He highlighted that the NPS offers a competitive edge to financial institutions in Nigeria and beyond. Sanwo-Olu described the initiative as reflective of Lagos’s spirit of collaboration and innovation, setting the stage for a more inclusive and growth-oriented financial future in Africa.
Source: Daily Trust