NIBSS National Payment Stack Pilot Signals Shift Towards Scaled Digital Inclusion

By Johnson Emmanuel

The Nigeria Inter-Bank Settlement System (NIBSS) disclosed during the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja that Nigeria’s National Payment Stack (NPS) processed 153,000 transactions during its pilot phase ahead of formal deployment. Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS, described the platform as the foundational infrastructure for interoperability across banks, fintech companies, payment service providers and mobile money operators. The initiative forms a central pillar of the Central Bank of Nigeria’s strategy to achieve 95 percent financial inclusion by 2028 and bring an estimated 50 million additional Nigerians into the formal financial system.

DECISION HIGHLIGHT

Nigeria is moving from fragmented payment rails towards a unified national payment infrastructure designed to improve interoperability, transaction efficiency, financial inclusion and digital economy participation.

DECISION MEMO

The significance of the National Payment Stack extends beyond transaction processing. It represents an infrastructure-led approach to financial inclusion, where connectivity between institutions becomes the mechanism for expanding access.

The pilot’s 153,000 transactions demonstrate operational readiness, but stakeholders repeatedly framed execution rather than technology as the principal challenge. Oiwoh argued that technology accounts for only a fraction of success, stating: “Technology is just 20% of this Vision 2028. We can put the best technology in place. But without the 80% of execution, it will fail.”

A second policy debate is emerging around affordability. While Oiwoh advocated zero-rated payment fees, industry participants cautioned that aggressive fee reductions could undermine commercial sustainability. The tension highlights a fundamental policy trade-off between inclusion objectives and the economics of payment infrastructure.

The broader implication is that the success of PSV 2028 will likely depend less on technology deployment and more on adoption, accessibility and pricing discipline.

Oiwoh said: “Technology is just 20% of this Vision 2028,” stating further: “I’m an advocate of zero-rate fees for transfers.”

Uche Uzeoebo, Managing Director and Chief Executive Officer, Shared Agent Network Expansion Facilities, also said: “If we say we are driving financial inclusion and those we are driving it for don’t have access or we are driving with high costs, then I will say we have failed as a country.”

Tosin Eniolorunda, Chief Executive Officer, Moniepoint, said: “Let’s balance the drive for cheap payments with sustainability.”

DATA BOX

• Pilot transactions processed: 153,000
• Platform: National Payment Stack (NPS)
• Launch platform: Nigeria Payments System Vision 2028
• Financial inclusion target: 95% by 2028
• Additional Nigerians targeted for inclusion: 50 million
• Ecosystem coverage:

• Banks
• Fintech firms
• Mobile money operators
• Payment service providers

WHO WINS / WHO LOSES

Winners: Consumers, fintech companies, merchants, small businesses, mobile money operators and underserved populations if interoperability lowers transaction friction.

Losers: Legacy payment models dependent on ecosystem fragmentation and institutions unable to adapt to increased interoperability and competition.

POLICY SIGNALS

• Financial inclusion remains a core Central Bank of Nigeria policy objective.
• Interoperability is becoming the preferred pathway for payment-system modernisation.
• Affordability is emerging as a strategic policy issue alongside access.
• Public infrastructure is increasingly being positioned as an enabler of digital economic participation.

INVESTOR SIGNAL

The National Payment Stack strengthens the long-term investment case for Nigeria’s fintech, digital banking, payments infrastructure and financial-services sectors. Successful implementation could expand transaction volumes, deepen formal financial participation and create new digital financial products.

RISK RADAR

• Slow adoption despite infrastructure readiness
• Sustainability concerns from reduced transaction fees
• Inclusion gaps in rural and low-income communities
• Cybersecurity and operational resilience requirements
• Execution risk during nationwide rollout
• Potential tension between affordability and commercial viability