The Nigeria Inter-Bank Settlement System (NIBSS) PLC says its National Payment Stack (NPS) has processed more than 100 million successful transactions, a milestone in the modernisation of Nigeria’s payments system.
The company announced that the figure was reached last Friday.
The NPS is built on the ISO 20022 global messaging standard. NIBSS says this gives the platform a unified, future-ready base for secure, data-rich payments, with better interoperability, improved straight-through processing and richer data for transparency, fraud monitoring and regulatory reporting.
According to NIBSS, the milestone goes beyond transaction volume. It said the NPS has cut integration complexity, lowered the cost of serving customers and sped up innovation among commercial banks, microfinance banks, fintechs, mobile money operators and payment service providers, by offering them a single, standardised rail.
NIBSS added that the benefits reach the last mile, with small businesses, merchants, agents and unbanked Nigerians getting faster, more reliable and secure access to digital financial services. It said this is supporting economic empowerment, job creation and inclusive growth, while the platform’s security architecture and end-to-end protection strengthen trust in the payment system.
Commenting on the development, NIBSS Managing Director/CEO, Premier Oiwoh, said surpassing 100 million transactions on the National Payment Stack validates the collective resolve to build a world-class payment system for Nigeria.
The source text was cut off at the CEO’s quote, so I’ve paraphrased it. If you have the rest of his statement, send it and I’ll work it in as a direct quote.
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