Built on the ISO 20022 international standard, the NPS aligns Nigeria’s financial infrastructure with global best practices, ensuring interoperability, data integrity, and regulatory compliance.
It allows real-time integration across banks, fintechs, and other financial institutions while enhancing security through digital signatures and multi-layer authentication.
The system is also expected to facilitate cross-border transactions, expanding Nigeria’s participation in regional and international trade.
According to Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, the National Payment Stack represents a significant upgrade from the existing NIBSS Instant Payment (NIP) platform.
He noted that the NPS offers greater speed, enhanced customer experience, and improved operational efficiency.
“The National Payment Stack is a major step toward simplifying payments, deepening financial inclusion, and positioning Nigeria as a hub of digital transformation in Africa,” Oiwoh stated.