Nigeria’s next-generation payment infrastructure, the National Payment Stack (NPS), has processed 153,000 transactions during its pilot phase, marking a major milestone ahead of its planned nationwide rollout.

The achievement was disclosed by the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh, during a panel session at the launch of the Nigeria Payment System Vision (PSV) 2028 in Abuja.

The National Payment Stack is being developed as a core platform designed to strengthen Nigeria’s digital payments ecosystem by enabling faster, more secure and seamless transactions among banks, fintech companies, payment service providers and mobile money operators.

Speaking at the event, Oiwoh said the pilot programme had demonstrated the platform’s capacity to support substantial transaction volumes under controlled conditions. He disclosed that transaction activity peaked at 153,000 transactions in a single day during the testing phase.

According to him, the platform is currently awaiting final regulatory approval from the Central Bank of Nigeria before it can be fully launched across the financial services industry.

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He stated that the progress recorded during the pilot phase reflects the readiness of the platform to support Nigeria’s growing digital payments market and increasing demand for electronic transactions.

Oiwoh noted that while technological infrastructure remains a critical component of modern payment systems, successful implementation depends on effective execution and broad participation by stakeholders across the financial ecosystem.

He stressed that the availability of technology alone would not guarantee success unless efforts are made to ensure accessibility and widespread adoption among businesses, financial institutions and consumers.

The NIBSS chief also called for lower transaction costs across the payments ecosystem, saying affordability would play a significant role in driving financial inclusion and encouraging more Nigerians to embrace digital payment channels.

He maintained that reducing the cost of digital financial services could support efforts to bring more individuals into the formal financial system and increase participation in electronic transactions.

Industry stakeholders at the event echoed similar views, emphasizing the importance of ensuring that digital payment services remain accessible and affordable to users across different segments of society.

The Managing Director and Chief Executive Officer of Shared Agent Network Expansion Facilities (SANEF), Uche Uzeoebo, said financial inclusion initiatives would be more effective if the target population could access payment services at reasonable and sustainable costs.

She stated that transaction charges remain an important consideration for many users and noted that affordability would continue to influence the adoption of digital financial services, particularly among underserved populations.

Participants at the launch observed that despite significant growth in digital banking and electronic payment services, millions of Nigerians remain outside the formal financial system.

They noted that improving access to payment services and reducing barriers to entry would be essential to expanding financial participation and supporting inclusion objectives under the Payment System Vision 2028 framework.

The National Payment Stack is one of the major initiatives under the Nigeria Payment System Vision 2028 recently unveiled by the Central Bank of Nigeria.

The programme seeks to modernise the country’s payment infrastructure and create a more efficient, secure and inclusive financial services environment capable of supporting future growth.

The platform has been designed to promote interoperability among financial institutions by enabling seamless interaction between banks, fintech companies, mobile money operators and other payment service providers.

Stakeholders said the system is expected to improve transaction speed, strengthen security standards and reduce operational friction within the digital payments value chain.

They also noted that the successful pilot phase demonstrates the platform’s ability to accommodate growing transaction volumes as digital payment adoption continues to expand across the country.

Industry participants further stated that a stronger payment infrastructure could support innovation within the financial technology sector and create opportunities for the development of new payment products and services.

According to stakeholders, improvements in payment infrastructure are expected to provide consumers and businesses with more efficient payment options while enhancing overall confidence in electronic transactions.

Nigeria has recorded significant growth in digital banking, mobile payments and financial technology services over the past decade, driven by increased smartphone penetration and expanding access to internet-enabled financial services.

The National Payment Stack is expected to support these developments by providing infrastructure capable of handling increasing transaction volumes while maintaining operational efficiency and security.

Stakeholders also expressed optimism that the platform would contribute to greater reliability within the payments ecosystem by reducing service disruptions and enhancing transaction processing capabilities.

They noted that improved payment infrastructure would benefit a broad range of users, including traders, small businesses, farmers and individuals who increasingly rely on digital channels for everyday financial transactions.

Discussions at the event also highlighted the need to balance affordability with sustainability within the payments industry.

Moniepoint Chief Executive Officer Tosin Eniolorunda stated that efforts to make payment services affordable should take into account the operational realities facing service providers.

He noted that maintaining sustainable business models remains important for continued investment, innovation and expansion within the sector.

As preparations continue for the full deployment of the National Payment Stack, stakeholders expressed confidence that the platform would strengthen Nigeria’s digital economy and support broader financial inclusion objectives.

They maintained that the successful completion of the pilot phase represents an important step toward the introduction of a modern payment infrastructure capable of supporting future growth in electronic transactions and enhancing the efficiency of the country’s financial services ecosystem.