By Martin Ekpeke
The Nigeria Inter-Bank Settlement System (NIBSS) has launched its groundbreaking National Payment Stack (NPS), a revolutionary payment solution set to redefine instant transactions and usher in a new era for Nigeria’s digital economy.
The NPS, building on the 14-year legacy of NIBSS Instant Payments (NIP) – Africa’s first real-time account-based digital payment solution – was unveiled in Lagos, marking a significant milestone in the country’s financial landscape.
According to Mr. Premier Oiwoh, the Managing Director of NIBSS, the NPS is not merely an upgrade but a foundational shift designed to prepare Nigeria for the future of digital payments. “It’s a transition to the future. With NPS, we didn’t just build another instant payment solution; we laid the foundation for Nigeria’s financial future,” Oiwoh stated during the unveiling.
The strategic objectives behind the NPS are ambitious, aiming to drive digital payment innovation, deepen financial inclusion, and significantly improve government social intervention payments, tax collection, and revenue generation. With Nigeria targeting a $1 trillion economy within the next eight years, Oiwoh emphasized that an enhanced payment rail like the NPS is indispensable for stimulating and preparing the nation for this economic growth.
“The NIBSS Payment Stack reflects our vision to equip Nigeria and Africa with a platform that not only meets global standards but speaks to our unique payment realities,” Oiwoh added. “From Request-to-Pay to real-time settlements, automated reconciliation, and advanced dispute management, NPS is designed to deliver smarter, faster, and more transparent payment experiences for all.”
Nine Key Features Powering the NPS:
The new platform boasts an array of advanced features designed to enhance efficiency, security, and user experience:
- Real-time transactions and instant settlements: Ensuring immediate fund transfers and availability.
- Advanced payment messaging using ISO 20022: Facilitating richer, more standardized data exchange for payments.
- Bulk and single payments on one rail: Offering flexibility for various transaction needs.
- More efficient dispute management system: Streamlining the resolution of payment discrepancies.
- KYC verification via BVN, RC Number, or TIN: Enhancing identity verification and security.
- Request-to-Pay and Direct Debit capabilities: Providing more control and automation for payments.
- Multi-currency readiness and cross-border potential: Opening doors for international transactions and diverse currency handling.
- Sandbox-enabled integration for partners in as little as 48 hours: Accelerating innovation and collaboration with third-party developers.
- Improved fraud management and risk rating capabilities: Strengthening security measures and mitigating financial risks.