The Nigeria Inter-Bank Settlement System (NIBSS) PLC, says its National Payment Stack (NPS) has surpassed 100 million successful transactions.
The milestone was achived as at Friday, September 25 marking a major feat in Nigeria’s payments modernisation journey.
Built on full compliance with the ISO 20022 global messaging standard, the NPS provides a unified, future-ready foundation for seamless, data-rich and secure payments.
The ISO 20022 compliance ensures enhanced interoperability, improved straight-through processing, and richer data for better transparency, fraud monitoring and regulatory reporting across the ecosystem.
More than a volume milestone, the achievement reflects the transformative impact of the NPS across the entire financial institutions ecosystem – from commercial banks,microfinance banks, fintechs and mobile money operators to payment service providers. By offering a single, standardised rail, the NPS has significantly reduced integration complexity, lowered cost-to-serve and accelerated innovation in payments.
Crucially, the benefits extend to the last mile. The NPS is empowering small businesses, merchants, agents and unbanked citizens with faster, more reliable and secure access to digital financial services, thereby driving economic empowerment,job creation and inclusive growth. Its robust security architecture and end-to-end protection further strengthen trust in the nation’s payment system.
Commenting on the milestone, the Managing Director/CEO of NIBSS, Premier Oiwoh,said: ‘Surpassing 100 million transactions on the National Payment Stack is a validation of our collective resolve to build a world-class payment system for Nigeria.
With ISO 20022 compliance at its core, NPS is not just processing transactions; it is securing livelihoods, empowering the last mile, and strengthening the resilience of our entire financial ecosystem.’
NIBSS reiterates its commitment to collaborating with the Central Bank of Nigeria(CBN), Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Payment Service Banks (PSBs), Fintechs, and all stakeholders to build a secure, inclusive and globally competitive payments system for Nigeria.