NIBSS Launches National Payment Stack (NPS) to Transform Instant Payments in Nigeria
Here's how NIBSS 's NPS works in the inter-banks payment ecosystem of Nigeria.
NIBSS Launches National Payment Stack (NPS) to Transform Instant Payments in Nigeria
The Nigeria Inter-Bank Settlement System (NIBSS) has launched a revolutionary payment system aimed at transforming instant payment in Nigeria. The new payment system, called National Payment Stack (NPS) , "was built to prepare Nigeria for the future of digital payments," said the Managing Director of NIBSS, Mr. Premier Oiwoh. The NPS was built on the foundation of NIBSS Instant Payments (NIP) which was introduced in 2011 (that's about 14 years ago) as Africa’s pioneering real-time, and account-based digital payment system. The NIP is a centralized network operated by NIBSS that ensures near-instantaneous clearing of transaction. Oiwoh stated, “we’re moving toward the future with NPS. This isn’t just another instant payment solution; it’s the cornerstone for Nigeria’s financial evolution.” In addition to what the NIBSS MD unveiled during the launch event in Lagos, Nigeria, here are some of the features of the National Payment Stack (NPS) and how the payment solution works. Ho…
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