Nigeria’s National Payment Stack (NPS), the country’s next-generation payment infrastructure, has successfully processed 153,000 transactions during its pilot phase, signaling a significant step toward its full-scale rollout. The milestone was disclosed by Premier Oiwoh, Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), during a panel discussion at the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja.
The NPS is designed to serve as the core infrastructure powering Nigeria’s digital payments ecosystem, enabling faster, more secure, and interoperable transactions across banks, fintech companies, payment service providers, and mobile money operators. Industry stakeholders at the event emphasized that while technology remains important, the success of the National Payment Stack and PSV 2028 will depend largely on execution, affordability, and inclusion. These comments highlight a growing industry consensus that reducing transaction costs and expanding access to digital financial services will be critical to achieving Nigeria’s inclusion targets.
The National Payment Stack forms a major component of the Nigeria Payments System Vision 2028, unveiled by the Central Bank of Nigeria (CBN) as part of broader efforts to modernize the country’s payment infrastructure. This development comes as Nigeria continues to record rapid growth in electronic payments, digital banking, and fintech adoption across the country. The NPS is expected to play a central role in Nigeria’s efforts to expand financial inclusion and support digital economic growth.
However, stakeholders also warned that affordability remains a major challenge. Moniepoint Chief Executive Officer, Tosin Eniolorunda, cautioned against excessive pressure to lower transaction fees without considering the sustainability of payment service providers. This debate reflects the broader challenge of balancing affordability, innovation, and commercial sustainability within Nigeria’s rapidly evolving digital payments landscape.
The launch of the National Payment Stack coincides with the rollout of the Nigeria Payments System Vision 2028, a roadmap aimed at transforming how Nigerians transact, save, invest, and participate in the digital economy. As the ecosystem evolves, developments such as Nigeria Launches T+1 settlement cycles and Nairametrics Announces Nominees for industry awards continue to shape the financial landscape. Meanwhile, cultural and entertainment milestones like Ajosepo: Gathering Debuts and Ghana Issues Travel advisories highlight regional dynamics, while global tech news such as Anthropic Files Ipo underscores the broader innovation environment influencing payment systems.
