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The NIBSS National Payment Stack, an ISO 20022 platform built to succeed the 15-year-old NIP system, passed 100 million successful transactions as of September 25, 2026, less than 11 months after its first live transaction on November 7, 2025.
What Is the NIBSS National Payment Stack?
The National Payment Stack (NPS) is a sovereign, ISO 20022-compliant payment infrastructure run by the Nigeria Inter-Bank Settlement System (NIBSS) Plc. NIBSS designed it to succeed the NIBSS Instant Payment (NIP) system, which has operated for about 15 years. Participants include commercial banks, microfinance banks, fintechs, mobile money operators, and payment service providers.
NIBSS unveiled the NPS on June 17, 2025. The platform consolidates single transfers and high-volume corporate payments on one rail. It also supports multiple currencies and cross-border use.
How Many Transactions Has the NPS Processed?
The NPS has processed more than 100 million successful transactions as of Friday, September 25, 2026. NIBSS announced the milestone in a statement in the following days. The count is about 3.8 times the 26.55 million transactions NIBSS reported in August 2026.
The table below lists the reported milestones in date order.
| Date | Milestone | Reported figure |
|---|---|---|
| June 17, 2025 | NIBSS unveils the NPS | Not applicable |
| November 7, 2025 | First live transaction between PalmPay and Wema Bank | 1 transaction |
| Pilot phase (date not stated) | Pilot performance reported | 153,000 transactions |
| August 11, 2026 | Rollout update from NIBSS | 26.55 million transactions worth ₦1.4 trillion |
| September 25, 2026 | 100 million milestone reached | More than 100 million transactions |
How Does the NPS Differ From the NIP System?
The NPS replaces NIP’s proprietary design with the global ISO 20022 messaging standard. ISO 20022 structures each payment message with detailed data fields. The table compares the two systems.
| Feature | NIP (legacy system) | NPS (new platform) |
|---|---|---|
| Messaging standard | NIBSS custom codes | ISO 20022 |
| Age | About 15 years | Unveiled June 2025 |
| Data in each payment | Limited | Structured, metadata-rich |
| Access model | Largely bank-led | Direct access for fintechs |
| Planned status | To be decommissioned | Successor rail |
NIBSS Managing Director and CEO Premier Oiwoh said the shared objective is a full industry cut-over to the NPS ahead of decommissioning the legacy NIP rail.
What Features Does the NPS Add?
The NPS adds five features aimed at transparency, security, and interoperability. Reports from BusinessDay, Lagos Business News, and NIBSS releases describe the following:
- Structured payment data: Metadata supports automated corporate reconciliation, merchant collections, and request-to-pay invoicing.
- Payment purpose tags: Transactions carry clearer descriptions, which supports faster dispute resolution.
- Risk controls: Smart risk scoring and real-time monitoring target fraud.
- Traceability and identity: End-to-end tracking and digital identity capabilities support audits and verification.
- Cross-border readiness: A multi-currency architecture supports regional trade.
Who Participates in the NPS?
Forty-eight institutions participated as of the August 2026 rollout update. First Bank of Nigeria led in transaction volume, and Fidelity Bank led in transaction value at that stage. NIBSS statements on the 100 million milestone describe participation across banks, microfinance banks, fintechs, mobile money operators, and payment service providers. The sources reviewed did not publish an updated institution count for September 2026.
What Role Does the CBN Play?
The Central Bank of Nigeria (CBN) mandates ISO 20022 adoption and backs the NPS migration. Dr. Rakiya Opemi Yusuf, Director of the CBN’s Payments System Supervision Department, urged financial institutions to accelerate their NPS integration during a visit to NIBSS headquarters. NIBSS said it will keep working with the CBN, deposit money banks, microfinance banks, payment service banks, and fintechs.
What Did NIBSS Say About the Milestone?
NIBSS called the 100 million mark a validation of collective effort. Oiwoh described it as a validation of “our collective resolve to build a world-class payment system for Nigeria.” He added that ISO 20022 compliance sits at the core of the platform.
What Data Is Not Yet Public?
Three data points remain unpublished in the sources reviewed.
- The naira value of the 100 million transactions.
- The current number of participating institutions.
- The date for decommissioning the NIP rail.
Each figure affects how the milestone is read. Volume alone does not show whether transfers are small or large, and the August update paired volume with a ₦1.4 trillion value. Journalists and analysts can request the current value from NIBSS.
Does the NPS Replace NIP Today?
Not yet, because NIBSS describes decommissioning as a future step. The two rails run during the transition. NIBSS and the CBN are pushing institutions to complete integration first.
Will Bank Customers Notice the Change?
Customers may notice clearer transaction descriptions and faster dispute handling, according to BusinessDay’s reporting. Transfers continue through the same banking apps. The infrastructure change happens at the interbank level.
Is the NPS Only for Banks?
No, the NPS is open to fintechs and other payment institutions. BusinessDay reports that it gives fintechs direct access to national payment infrastructure, which ends the earlier bank-led model.
Does 100 Million Transactions Confirm the NPS as Nigeria’s Main Payment Rail?
The milestone confirms the NPS is operating at scale, though it does not yet confirm full migration from NIP. The platform moved from 1 live transaction on November 7, 2025 to more than 100 million by September 25, 2026. Remaining benchmarks are the transaction value, participation growth, and the NIP decommissioning date. NIBSS and the CBN have not yet published a date for the last of these.
