The Nigeria Inter-Bank Settlement System (NIBSS) Plc has announced that its National Payment Stack (NPS) has surpassed 100 million successful transactions, marking a significant milestone in Nigeria’s payments modernisation drive.
NIBSS said the milestone was reached on Friday, September 25, as the payment infrastructure continues to support the expansion of digital financial services across the country.
Built to comply fully with the ISO 20022 global messaging standard, the NPS provides a unified infrastructure for seamless, secure and data-rich payments across Nigeria’s financial ecosystem.
The ISO 20022 standard enables greater interoperability and improves straight-through processing while providing richer transaction data for transparency, fraud monitoring and regulatory reporting.
NIBSS said the 100 million-transaction milestone represents more than an increase in transaction volumes, highlighting the broader impact of the NPS on financial institutions and payment service providers.
The platform serves commercial banks, microfinance banks, fintechs, mobile money operators and other payment service providers through a single, standardised payment rail.
According to NIBSS, this approach has reduced integration complexity and cost-to-serve while allowing financial institutions and payment providers to develop and deploy new services more quickly.
The platform is also designed to support greater interoperability across different participants in the financial system, helping to create a more connected payments ecosystem.
NIBSS said the benefits of the NPS extend beyond financial institutions to merchants, small businesses, agents and underserved Nigerians.
The payment infrastructure is helping provide faster, more reliable and secure access to digital financial services, with potential benefits for economic activity, job creation and financial inclusion.
Its security architecture and end-to-end protection are also designed to strengthen confidence in digital payments as transaction volumes continue to grow.
Commenting on the development, NIBSS Managing Director and Chief Executive Officer, Premier Oiwoh, said crossing the 100 million-transaction mark demonstrates the progress made in developing Nigeria’s payment infrastructure.
“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,” Oiwoh said.
He said the NPS was designed not only to process transactions but also to strengthen the wider financial ecosystem.
“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,” he added.
NIBSS said it would continue working with the Central Bank of Nigeria (CBN), deposit money banks, microfinance banks, payment service banks, fintech companies and other stakeholders to strengthen Nigeria’s payments infrastructure.
The company said its focus remains on building a secure, inclusive and globally competitive payments system capable of supporting the country’s growing digital economy.
