Nigeria advances digital payment infrastructure through new platforms

Nigeria is seeing significant advancements in its financial technology sector with the introduction of new payment infrastructures. The Nigerian Inter-Bank Settlement System (NIBSS), in partnership with Transactility, has launched the National Payment Stack (NPS). This instant payments platform utilizes the international ISO-20022 messaging standard to provide a high-capacity framework for secure and detailed data exchange.

The adoption of this standard is intended to reduce transaction failures, improve automated reconciliations, and enhance real-time fraud monitoring. By aligning with international best practices, the NPS aims to facilitate smoother cross-border transactions and more efficient domestic settlements between banks and fintech companies.

Simultaneously, Interswitch Group is expanding its tokenised payment infrastructure across Nigeria. This initiative works with banks, merchants, and card schemes to promote contactless payments and digital wallets. The technology replaces sensitive card details with digital tokens to strengthen transaction security and reduce the exposure of original payment information during processing.