Nigeria's National Payment Stack Processes N1.4tn Transactions

The National Payment Stack, Nigeria's new sovereign digital infrastructure developed by the Nigeria Inter-Bank Settlement System Plc (NIBSS), has achieved significant early adoption, processing 26.55 million transactions valued at N1.4 trillion across 48 institutions. This platform modernizes the financial ecosystem by consolidating payments, identity, and data onto a single rail, replacing the legacy NIBSS Instant Payment system.

First Bank of Nigeria leads in transaction volume, while Fidelity Bank tops in transaction value. Other notable participants include Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint.

The platform employs an ISO 20022 data architecture for enhanced transaction metadata, automating corporate reconciliation and streamlining merchant collections. It also integrates security features like automated sanction screening and end-to-end encryption.

Premier Oiwoh, Managing Director and CEO of NIBSS, stated that the platform is a catalyst for economic transformation, enhancing payment intelligence and interoperability. Dr Rakiya Yusuf from the Central Bank of Nigeria confirmed regulatory support for mandatory integration as the sector prepares to phase out the legacy NIP rail.