NIBSS payment platform records 100m transactions, boosts financial inclusion

The Nigeria Inter-Bank Settlement System (NIBSS) Plc has announced that its National Payment Stack (NPS) has processed more than 100 million successful transactions, marking a major milestone in the country’s efforts to modernise its payment system.

NIBSS disclosed that the milestone was reached last Friday as the National Payment Stack continued to expand its role in Nigeria’s financial ecosystem.

The NPS was developed in line with the ISO 20022 global messaging standard, providing a unified platform designed to support secure, seamless and data-rich payment transactions.

According to NIBSS, compliance with the international standard improves interoperability among financial institutions, enhances straight-through processing and provides richer transaction data.

The 100 million transaction milestone reflects the growing use of the NPS among different players in Nigeria’s financial services industry, including commercial banks, microfinance banks, fintech companies, mobile money operators and other payment service providers.

By providing a single standardised payment rail, the platform is expected to reduce the complexity involved in integrating different payment systems, lower operating costs and support faster development of new payment solutions.

NIBSS said the impact of the platform also extends to small businesses, merchants, agents and people who have limited access to formal banking services.

The NPS provides these groups with faster, more reliable and secure access to digital financial services, supporting wider participation in the formal economy.

The company added that the platform’s security architecture and end-to-end protection are designed to strengthen confidence in Nigeria’s payment infrastructure.

Commenting on the milestone, NIBSS Managing Director and Chief Executive Officer, Premier Oiwoh, said the achievement demonstrated the commitment of stakeholders to building a modern payment system for the country.

“Surpassing 100 million transactions on the National Payment Stack is a validation of our collective resolve to build a world-class payment system for Nigeria,” Oiwoh said.

He said the milestone would further support the development of a payment ecosystem capable of meeting the changing needs of consumers, businesses and financial institutions.

The National Payment Stack is part of ongoing efforts to deepen digital payments, improve financial inclusion and strengthen the infrastructure supporting electronic transactions across Nigeria.

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