The Nigeria Inter-Bank Settlement System has launched a new payment platform to deepen financial inclusion and banking access in the country. Known as the National Payment Stack, the new payment system is designed to revolutionise how payments are initiated, processed, and reconciled, ensuring a seamless financial ecosystem.
Speaking during the unveiling, Managing Director/Chief Executive Officer, NIBSS, Premier Oiwoh. said “This is more than a technology upgrade; it’s a national leap forward. The NIBSS Payment Stack reflects our vision to equip Nigeria and Africa with a platform that not only meets global standards but also speaks to our unique payment realities. 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.
In addition, Oiwoh highlighted other functions of the new system, including advanced payment messaging, bulk and single payments on one rail, a more reliable complaints management system, streamlined KYC verification via BVN or TIN, Request-to-Pay and Direct Debit capabilities, multi-currency readiness and cross-border potential.
Also speaking, CBN Deputy Governor for Financial System Stability, Mr Philip IKeazor emphasised the importance of the new platform, noting that it lays a solid foundation for a trustworthy, more inclusive and innovative digital payment system.
