NIBSS Records 100m Transactions on National Payment Stack
The Nigeria Inter-Bank Settlement System (NIBSS) has announced that its National Payment Stack (NPS) surpassed 100 million successful transactions last Friday, marking a significant milestone in the modernisation of Nigeria’s payment system. Built in full compliance with the ISO 20022 global messaging standard, the NPS provides a unified and secure platform designed to support seamless, data-rich payment transactions. NIBSS said the adoption of the standard enhances interoperability across the financial ecosystem, improves straight-through processing and provides richer data for greater transparency, fraud monitoring and regulatory reporting. The payment infrastructure serves a wide range of financial institutions, including commercial banks, microfinance banks, fintech companies, mobile money operators and other payment service providers.
Beyond the transaction volume, NIBSS said the milestone reflects the wider impact of the National Payment Stack on financial services and inclusion. By providing a single, standardised payment rail, the system is designed to reduce integration complexities, lower operational costs and support faster innovation across the payments industry. Its benefits also extend to small businesses, merchants, agents and people without access to traditional banking services by providing faster, more reliable and secure access to digital financial services. NIBSS said this could support economic empowerment, job creation and inclusive growth, while the system’s security architecture and end-to-end protection are aimed at strengthening confidence in Nigeria’s payment infrastructure. Commenting on the milestone, NIBSS Managing Director and Chief Executive Officer, Premier Oiwoh, said surpassing 100 million transactions validates the collective effort to build a world-class payment system for Nigeria.
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