NPS processes 26.55m transactions worth N1.4tn

The National Payment Stack (NPS), Nigeria's new sovereign digital infrastructure, has seen rapid adoption in its early phase, handling 26.55 million transactions worth N1.4tn across 48 participating institutions. Developed by the Nigeria Inter-Bank Settlement System Plc, the multi-currency platform aims to modernize the nation's financial ecosystem by consolidating payments, identity, and data onto a single rail.

Major banks such as First Bank, Fidelity Bank, Guaranty Trust Bank, Sterling Bank, and Access Bank are leading the network activity, with the platform offering structured ISO 20022 data architecture and embedded security features like automated sanction screening and end-to-end encryption.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — it may contain errors, so check the original before relying on it.