The Nigeria Inter-Bank Settlement System (NIBSS) has adopted Transactility’s jPOS technology for its National Payment Stack (NPS), strengthening the technological foundation of Nigeria’s digital payment infrastructure. The platform is designed to support faster electronic transactions and improve interoperability among banks, fintech companies and other financial service providers as the country’s digital economy expands.
The National Payment Stack supports instant account to account transfers, QR code payments, phone number based payments and bulk transactions. It also incorporates the ISO 20022 messaging standard, which enables richer financial transaction information and supports the development of modern payment services. The adoption builds on NIBSS’s longstanding use of jPOS technology in processing electronic financial transactions.
A key advantage of the arrangement is NIBSS’s access to the platform’s source code, allowing the organisation to customise the technology and adapt it to changing operational needs. This flexibility could help improve the management and development of Nigeria’s payment infrastructure while reducing dependence on a technology provider for every system modification.
The development comes as Nigeria experiences growing demand for reliable digital payment services. However, the platform’s long term value will depend on its security, operational stability and adoption across the financial services industry. Effective implementation could strengthen transaction processing and support further innovation in Nigeria’s increasingly digital financial ecosystem.