NIBSS Reports 26.55m Transactions via New Payment Stack

The Nigeria Inter-Bank Settlement System (NIBSS) announced that its newly introduced National Payment Stack (NPS) has processed 26.55 million transactions valued at N1.4 trillion across 48 participating financial institutions. The NPS, which is ISO 20022-compliant, is being rolled out to replace the 15-year-old NIBSS Instant Payment (NIP) system as part of Nigeria's financial modernization efforts.

FirstBank leads in transaction volume, while Fidelity Bank ranks highest in transaction value. Other significant contributors include Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint.

The NPS aims to unify payments, identity, and data on a digital infrastructure, supporting multi-currency transactions and enhanced cross-border capabilities. It features automated corporate reconciliation, improved merchant collections, and security measures such as end-to-end encryption and real-time risk scoring.

Premier Oiwoh, Managing Director and CEO of NIBSS, described the NPS as an economic catalyst for transforming Nigeria’s financial infrastructure and urged financial institutions to expedite their integration efforts.