Nigeria’s next-generation payments infrastructure, the National Payment Stack (NPS), has successfully processed 153,000 transactions during its pilot phase, signaling readiness for a broader rollout aimed at transforming the country’s digital payments ecosystem.
The milestone was disclosed by Premier Oiwoh, Managing Director and Chief Executive Officer of Nigeria Inter-Bank Settlement System, during a panel session at the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja.
Designed as the backbone of Nigeria’s digital payments architecture, the NPS will facilitate faster, more secure, and interoperable transactions across banks, fintech firms, mobile money operators, and other payment service providers.
Speaking at the event, Oiwoh revealed that the platform had already demonstrated significant capacity during controlled testing.
“We’ve started a controlled pilot transaction on the National Payment Stack. I’m very happy to announce that last night we recorded the highest transaction volume so far, with 153,000 transactions processed on the platform. We are now awaiting the governor’s approval for a formal launch,” he said.
He stressed that technology alone would not guarantee success, noting that execution, accessibility, and affordability would determine whether the initiative achieves its objectives.
“Technology accounts for only 20 per cent of Vision 2028. The remaining 80 per cent is execution. We can deploy the best technology, but without effective implementation, it will fail,” Oiwoh added.
Industry leaders used the event to highlight the need for affordable digital financial services as Nigeria pursues deeper financial inclusion.
Oiwoh advocated zero-rated charges for payment transactions, arguing that excessive fees could discourage adoption among underserved populations.
“I believe payment transfers should attract zero fees. If we are serious about financial inclusion, we must ensure that the people we are targeting can access services at minimal cost,” he said.
Similarly, Shared Agent Network Expansion Facilities Managing Director and CEO, Uche Uzeoebo, warned that inclusion efforts would fall short if access remained expensive.
“If those we seek to include cannot afford to use the system, then we have failed as a country,” she said.
The National Payment Stack is a key pillar of the Nigeria Payments System Vision 2028, the roadmap introduced by the Central Bank of Nigeria to modernise the nation’s payments infrastructure.
The platform is expected to:
- Enable seamless interoperability across financial institutions.
- Improve transaction speed and reliability.
- Enhance payment security.
- Reduce friction in digital transactions.
- Support innovation across the financial services industry.
Stakeholders believe the infrastructure will create a more efficient and inclusive payments environment for consumers and businesses alike.
