NPS Records 26.55 Million Transactions as FirstBank, Fidelity Lead in Volume and Value

The Nigeria Inter-Bank Settlement System (NIBSS) Plc has begun rolling out the National Payment Stack (NPS), an ISO 20022-compliant infrastructure set to replace the NIBSS Instant Payment (NIP) system.

The platform aims to modernise Nigeria’s financial ecosystem by unifying payments, identity, and data on a single rail, while enabling multi-currency and cross-border transactions.

NIBSS says the NPS has already processed 26.55 million transactions worth ₦1.4 trillion across 48 financial institutions.

FirstBank leads in transaction volume, while Fidelity Bank tops value. Other early participants include GTBank, Sterling Bank, Access Bank, and Moniepoint.

The system introduces richer ISO 20022 data, improved reconciliation, merchant collections, and request-to-pay invoicing. It also supports bulk transfers, direct debits, asynchronous processing, and deferred settlement.

Security features include sanctions screening, account validation, end-to-end encryption, and real-time fraud risk scoring. Financial institutions also gain real-time visibility of net positions for better liquidity management.

NIBSS CEO Premier Oiwoh described the NPS as a shift toward “payment intelligence,” saying it will improve interoperability, security, and regional trade. He urged banks to complete activation of required transfer and messaging rails, noting that full readiness depends on coordinated integration and compliance.

He added that NIBSS will continue providing technical support to ensure proper API usage, KYC compliance, and system stability, while preventing congestion and misuse.

The initiative will eventually lead to a full migration to the NPS and the decommissioning of the 15-year-old NIP system.

CBN Director of Payments System Supervision, Dr. Rakiya Opemi Yusuf, has also urged faster integration, reinforcing regulatory support for ISO 20022 adoption.

Founded in 1993 and owned by banks and the Central Bank of Nigeria, NIBSS provides interbank payment and settlement infrastructure to improve transaction speed, security, and efficiency.