National Payment Stack Hits N1.4 Trillion in Transactions

The National Payment Stack (NPS), a sovereign, ISO 20022 compliant digital infrastructure, has recorded 26.55 million transactions valued at N1.4 trillion across 48 participating institutions. The NIBSS stated that the NPS is designed to succeed the legacy NIBSS Instant Payment (NIP) system and modernize Nigeria’s financial ecosystem.

First Bank of Nigeria leads the industry in total transaction volume, while Fidelity Bank leads in overall transaction value. Other significant early adopters include Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint.

The NPS introduces operational and structural advances, including ISO 20022 Data Architecture for structured transactions, unified Payment Rails for consolidating transfers, and enhanced security measures. Premier Oiwoh, Managing Director and CEO of NIBSS, described the NPS as an economic catalyst for Nigeria's financial infrastructure.

Dr. (Mrs.) Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria, urged financial institutions to accelerate their NPS integration, reaffirming the apex bank’s support for the ISO 20022 standard.