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Article

Nigeria's new unified payment infrastructure processed 153,000 transactions in pilot and awaits CBN approval

Technext Jun 2, 2026
Read the original Article page

TL;DR

Nigeria Inter-Bank Settlement System (NIBSS) CEO Premier Oiwoh announced the National Payment Stack (NPS) processed 153,000 transactions during its pilot phase, its highest volume yet, and is awaiting final approval from the CBN Governor before formal launch.

The NPS is designed to unify banks, fintechs, mobile money operators, and payment service providers on a single payment rail, reducing friction and improving interoperability, a core pillar of the CBN's Payments System Vision 2028, which targets 95% financial inclusion and 50 million more Nigerians in the formal financial system.

Stakeholders are divided on transaction costs. SANEF CEO Uche Uzeoebo warned that high fees undermine financial inclusion, while Moniepoint CEO Tosin Eniolorunda cautioned that Nigeria already has some of the cheapest payment services globally and operators must stay financially sustainable.

Intelligence

The NPS pilot clearing 153,000 transactions signals that Nigeria's most ambitious payment infrastructure overhaul is close to live deployment, with the CBN Governor's approval now the final gate.

For Nigerian fintechs, particularly Moniepoint, OPay, PalmPay, and smaller payment service providers, the formal launch, likely within months, will reshape the competitive landscape by standardising the rails they all operate on, potentially compressing differentiation to product experience and distribution rather than infrastructure.

The unresolved fee debate is the sharpest near-term risk: if regulators push transaction costs lower to hit the 95% inclusion target by 2028, operators with thin margins could face pressure on unit economics at exactly the moment they are scaling.

Investors and founders in Nigerian fintech should watch the CBN's fee policy guidance closely as the NPS moves from pilot to nationwide rollout.

Funding extracted from this article

0

No funding rounds were extracted from this article.

Regulatory activity extracted

2
Central Bank of Nigeria Approval granted
Central Bank of Nigeria Policy change

Tenders extracted

0

No tenders were extracted from this article.

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