… FirstBank leads in transaction volume, Fidelity Bank tops value chart as 48 institutions join new ISO 20022-compliant payment infrastructure
Rashidat O. Okunlade Writes, Lagos
The Nigeria Inter-Bank Settlement System (NIBSS) Plc has commenced the rollout of the National Payment Stack (NPS), a sovereign, ISO 20022-compliant digital infrastructure designed to succeed the legacy NIBSS Instant Payment (NIP) system and modernize Nigeria’s financial ecosystem.
Initial operational metrics highlight rapid commercial adoption, with the NPS platform already recording 26.55 million transactions valued at ₦1.4 trillion across 48 participating institutions.
FirstBank, Fidelity Bank Lead Early Adoption
Among the participating financial institutions, FirstBank of Nigeria leads the industry in total transaction volume, while Fidelity Bank holds the lead in overall transaction value. Other key early adopters driving network scale include:
Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint.
A Unified, Intelligent Payment Rail
The NPS unifies payments, identity, and data onto a single intelligent rail. The multi-currency architecture bridges transaction processing and payment intelligence while establishing robust cross-border capabilities.
The platform introduces key operational and structural advances across the financial sector:
Feature Description
ISO 20022 Data Architecture Enables structured, metadata-rich transactions that automate corporate reconciliation, streamline merchant collections, and power request-to-pay invoicing.
Unified Payment Rails Consolidates single transfers and high-volume corporate disbursements onto one platform, supporting direct debits, asynchronous processing, and deferred settlement options.
Embedded Security & Compliance Integrates automated sanction screening, account validation, end-to-end encryption, and in-flight risk scoring to detect fraud prior to execution.
Treasury Precision Delivers real-time net position visibility and continuous settlement accounting to optimize liquidity management for participating lenders.
NIBSS CEO: “Economic Catalyst” for Financial Infrastructure
“The National Payment Stack represents an economic catalyst moving our financial infrastructure from basic transaction processing to comprehensive payment intelligence,” stated Premier Oiwoh, Managing Director and CEO of NIBSS.
“By delivering an ISO 20022-compliant, multi-currency rail, we are laying the groundwork for unprecedented interoperability, heightened security, and seamless regional trade.”
Oiwoh emphasized that complete ecosystem readiness relies heavily on full participant alignment across technical and operational fronts:
“To guarantee an optimal transaction experience for end-users, it is imperative that all participating financial services institutions immediately activate all related messages and fund transfer credit and debit processing rails. NIBSS remains committed to providing continuous technical support, detailed guidelines, and integration assistance to help institutions achieve full compliance with KYC validation standards and optimize API consumption.”
He further noted that proactive engagement will prevent platform congestion, enforce proper usage standards, and safeguard system performance as institutions complete integration for Funds Transfer Debit and advanced messaging capabilities.
“Ultimately, our shared objective is to achieve a seamless, full industry cut-over to the National Payment Stack as we prepare to decommission our 15-year-old legacy NIP rail,” Oiwoh added.
CBN Backs Mandatory Migration to ISO 20022 Standard
Reinforcing this call to action, Dr. (Mrs.) Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), urged financial institutions nationwide to accelerate their NPS integration during a recent working visit to NIBSS Headquarters.
Her statement reaffirms the apex bank’s mandatory and full regulatory support for the ISO 20022 standard in Nigeria’s payment system, signalling a decisive push towards a modernised, internationally-compliant payment infrastructure.
The Road Ahead
With 48 institutions already live on the platform and billions of naira in transactions processed within the initial rollout phase, the National Payment Stack is poised to transform Nigeria’s financial landscape. The migration from the 15-year-old NIP system represents a significant leap forward in payment efficiency, security, and intelligence.
As more financial institutions complete integration and advanced messaging capabilities come online, Nigerians can expect faster, more secure, and more intelligent payment experiences across all transaction types.
Nigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in June 1994. NIBSS has put in place modern world-class infrastructures for handling inter-bank payments to remove potential bottlenecks associated with inter-bank funds transfer and settlement.
NIBSS operations are supported with the best Information, Communication, and Technology infrastructure for automated online operations, as well as effective information and data transmission security practices to deliver world-class payment and settlement services. Operational and credit risks in funds transfer across financial institutions are adequately mitigated by NIBSS operations.
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Rashidat Olushola Okunlade
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