• The new unified platform replaces the NIBSS Instant Payments system.

• It connects banks, fintechs, and mobile money operators for instant transfers.

• The initiative aims to expand financial inclusion for 38 million unbanked adults.

Nigeria has launched its National Payment Stack (NPS), a new unified digital payment infrastructure designed to speed up transactions and improve interoperability between banks and fintechs, according to the Nigeria Inter-Bank Settlement System (NIBSS).

The first live transaction took place on Friday, November 7, 2025, between fintech PalmPay and Wema Bank, and was completed “in a few milliseconds” with instant settlement, the NIBSS said in a statement.

Developed under the supervision of the Central Bank of Nigeria (CBN), the NPS replaces the NIBSS Instant Payments (NIP) system introduced in 2011. That platform made Nigeria a pioneer in instant transfers in Africa but became harder to scale amid the surge in digital payments and the growing number of participants. Between 2015 and 2024, transactions processed by NIP increased more than tenfold, surpassing 9 billion per year, according to the CBN.

For years, Nigeria’s payment strategy was built on the “bank-led” model set out in the 2007 “Payments System Vision 2020” plan by the CBN. The goal was to create an ecosystem dominated by banks, where every financial service—transfer, payment, or credit—passed through a bank account.

That approach has reached its limits as the rapid growth of mobile-first fintechs such as OPay, PalmPay, and Kuda reshapes the landscape. These players enable payments, transfers, and microloans outside traditional banking channels, reaching millions of unbanked customers. According to TechCabal, over 70% of Africa’s electronic payment volume passed through Nigerian platforms in 2024, with local fintechs now handling more than half of the country’s digital transactions.

Until now, fintechs could only access the payment system through partner banks. The new platform gives them direct connectivity and full integration into Nigeria’s national payment ecosystem.

Built on the international ISO 20022 financial messaging standard, the NPS introduces a “multi-rail” architecture that connects banks, mobile money operators, and payment service providers. It enables instant settlements across different ecosystems and could eventually link with the Pan-African Payment and Settlement System (PAPSS).

As Africa’s largest economy, Nigeria aims to strengthen financial inclusion in a country where more than 38 million adults remain unbanked.

The launch comes just weeks after the introduction of the regional PI-SPI instant payment system in the West African Economic and Monetary Union (WAEMU), coordinated by the BCEAO, underscoring the acceleration of digital payment modernization across West Africa.