Nigeria launches Next-Gen Instant Payment Platform

The Nigeria Inter-Bank Settlement System (NIBSS) has launched the National Payment Stack (NPS), a next-generation digital payment infrastructure built to comply with ISO 20022, the global messaging standard for secure and data-rich financial transactions.

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The unveiling, which took place on Tuesday in Lagos, was hailed by stakeholders as a significant leap forward for financial interoperability and inclusion across Nigeria and Africa.

Speaking with journalists at the launch, NIBSS Managing Director and CEO, Premier Oiwoh, stated that the new system is designed to provide fast, secure, and inclusive payment experiences for individuals, businesses, and institutions, both domestically and internationally.

“This is not just a payment solution. It is an ecosystem built for the future, leveraging APIs, cloud architecture, and behavioural data intelligence,” Mr Oiwoh said.

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ISO 20022 compliance and Africa-ready architecture

Mr Oiwoh explained that the NPS platform complied fully with ISO 20022, which allows richer payment data, seamless cross-border interoperability, and faster confirmations.

He stated that some select Nigerian banks are participating in the pilot phase, which began following the completion of the platform’s core infrastructure in April 2025.

Mr Oiwoh noted that NPS also integrates smoothly with the Pan-African Payment and Settlement System (PAPSS), supporting Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA) and Agenda 2063.

According to the NIBSS CEO, several African countries are already in talks to align their systems with NPS.

“Until every African country has an interoperable instant payment platform connected to PAPSS, true regional financial integration will remain aspirational,’’ he said.

Account scoring to fight fraud

While unveiling NPS, Mr Oiwoh stated that a central innovation within NPS is its account scoring engine, which uses AI and behavioural analytics—tied to Bank Verification Number (BVN) and credit history—to assign green (trusted), amber (caution), or red (restricted) statuses to users. Those flagged red due to suspicious activity or misuse will be restricted from using the platform.

“This is about safeguarding trust in our financial system. A secure ecosystem builds confidence,” he added.

The event welcomed top financial sector leaders from over 20 African countries on a peer-learning tour organised by the AfricanNenda Foundation. According to AfricaNenda CEO Robert Ochola, Nigeria’s leadership in inclusive instant payments makes it a continental benchmark.

“Inclusive instant payment systems are not just pipes; they are arteries of economic resilience. What Nigeria is doing here is shaping Africa’s financial sovereignty,” Mr Ochola said.

NIBSS already manages Nigeria’s original Instant Payment (NIP) system, which processed over 9.6 billion transactions worth more than N603 trillion in 2023 alone. The upgrade to NPS, according to a case study by Payment Components, was delivered ahead of schedule using cloud-native architecture and microservices that meet ISO 20022 standards.

Enhancing identity and inclusion

The Director General of the National Identity Management Commission (NIMC), Abisoye Coker-Odusote, also addressed the gathering, emphasising the critical role of identity in digital finance.

“Nearly 38 per cent of Nigerian adults remain unbanked. Many are excluded because they lack a legal or digital identity. This platform changes that,” she said.

She highlighted successful collaborations between NIMC and NIBSS, including the Afrigo e-ID card and e-KYC protocol, which embed NIN into banking systems and reduce fraud in programmes like student loans and MSME grants.

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Lagos State Governor Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Ebube, lauded the innovation and pledged state support for inclusive tech-led economic growth.

“The National Payment Stack is a strategic asset not just for Nigeria, but for Africa,” Mr Ebube said. “Lagos will work with NIBSS and stakeholders to break trade barriers and enable secure financial access for all.”

Looking ahead

The full national rollout of NPS is expected in the coming months following ongoing pilot testing. The Central Bank of Nigeria is also expected to release further guidelines governing the new platform and its account scoring model.

Stakeholders say NPS positions Nigeria as both a regional leader and global model in instant payments and digital public infrastructure.

“With NPS, we are not just building technology—we are building trust, inclusion, and resilience. This is Nigeria’s gift to Africa’s financial future,” Mr Oiwoh added.