Nume Ekeghe

Nigeria has reaffirmed its leadership in Africa’s fast-evolving digital payments landscape as the Nigeria Inter-Bank Settlement System Plc (NIBSS) Instant Payment (NIP) platform was named the continent’s first system to reach the ‘Mature’ tier on AfricaNenda’s IPS Inclusivity Spectrum. 

The recognition announced at the State of Inclusive Instant Payment Systems (SIIPS) Africa 2025 Report Launch in Ezulwini, Eswatini positions Nigeria as the highest-ranked market on the continent for inclusive, secure and interoperable real-time payments.

The three-day conference convened about 200 delegates, including central-bank governors, global IPS operators, fintech executives, regulators and media leaders, who examined policy tools and technological innovations shaping Africa’s digital public infrastructure. Discussions were anchored around inclusive IPS design, system resilience, participation by non-bank institutions, and the strategic transition from access to measurable socio-economic impact.

AfricaNenda’s award was based on its three-tiered evaluation framework, Basic, Progressed and Mature applied across functionality, governance and user-centric criteria. Nigeria’s NIP scored strongly for its high level of participation by banks, fintechs and non-bank operators; robust consumer-protection and dispute-resolution processes; always-on digital access; simplified onboarding for low-income users; and a resilient technology backbone capable of delivering consistently high throughput and real-time settlement.

In a statement, Managing Director/CEO of NIBSS, Premier Oiwoh, said:  “The award recognises not only a system, but a vision of inclusive growth,” said “It reflects our ongoing commitment to deliver payments infrastructure that is faster, affordable, safer, interoperable and accessible to all Nigerians; and indeed to partner with the continent as we define the future of payments in Africa.”

Fourteen years after its debut, NIP has not only reshaped Nigeria’s payment rails but also earned global distinction as the first instant-payment architecture of its kind providing a reference point for markets seeking modernisation, interoperability and efficiency at scale. Building on this foundation, NIBSS has developed the National Payment Stack (NPS), Africa’s first ISO 20022-compliant national infrastructure designed to deliver richer data exchange, enhanced security protocols, intelligent routing, instant settlement and multi-rail capabilities. The NPS is expected to gradually replace the current NIP platform, ushering in the next era of faster, smarter and more inclusive digital payments.

NIBSS also acknowledged the Central Bank of Nigeria(CBN) for its strategic direction and regulatory oversight, which it said continue to strengthen the institution’s governance framework, drive innovation and reinforce the broader financial-services ecosystem. The CBN’s stewardship, the agency noted, has been pivotal in embedding operational excellence, deepening financial inclusion and ensuring that Nigeria’s payment systems meet global standards.

Crucially, AfricaNenda’s recognition aligns with benchmarks used by the World Bank, IMF and the BIS, underscoring the extent to which Nigeria’s real-time payments infrastructure is now seen as globally competitive. For the banks, fintechs, payment service providers and other institutions operating on the NIP network, the milestone is viewed as a shared achievement—reflecting years of investment in interoperability, trust, innovation and seamless customer experience.

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