Reported by Weng Patrick Atokor l Journalist at Weng Global
The Nigeria Inter-Bank Settlement System (NIBSS) has been linked with Transactility in a reported initiative to advance Nigeria’s next-generation National Payment Stack, as the country continues to modernise its digital payment infrastructure.
The development centres on strengthening the technology that connects banks, fintech companies and other financial service providers, with the broader objective of making electronic transactions more efficient, secure and interoperable.
NIBSS launched the National Payment Stack in June 2025 as a next-generation platform intended to transform Nigeria’s instant payment ecosystem. According to the organisation’s, the infrastructure builds on the country’s existing electronic payment systems while introducing capabilities designed to support changing financial and technological needs.
Details of the specific arrangement with Transactility remain unconfirmed in the official sources reviewed for this report.
National Payment Stack targets a modern payment ecosystem
The National Payment Stack is designed to provide a unified infrastructure for processing digital payments across Nigeria’s financial services industry.
Its capabilities include single and bulk payments, request-to-pay services, direct debits, improved transaction reconciliation and enhanced dispute management. The platform also supports identity verification using information such as Bank Verification Numbers (BVN), company registration numbers and Tax Identification Numbers, subject to the applicable integration and verification requirements.
NIBSS has also highlighted the platform’s use of ISO 20022, an international financial messaging standard that enables institutions to exchange structured and detailed payment information.
The standard can improve the quality of transaction data available to financial institutions, support automated processing and make it easier to trace payments and reconcile accounts.
These features are intended to help create a more connected payment environment for banks, payment service providers, fintech operators and businesses.
NIBSS expands Nigeria’s digital payment infrastructure
The partnership report comes amid growing activity around the National Payment Stack as NIBSS works to expand the platform’s adoption across the financial sector.
In August 2026, NIBSS reported that the system had processed 26.55 million transactions valued at ₦1.4 trillion across 48 participating institutions. The figures were published in its report.
The organisation subsequently announced that the National Payment Stack had surpassed 100 million successful transactions as of September 25, 2026. The milestone was reported by Punch in its September 28 publication.
The figures point to increasing activity on the platform and highlight the importance of infrastructure capable of supporting large volumes of electronic transactions.
However, transaction volume alone does not establish the platform’s overall performance. Reliability, processing speed, fraud prevention and the successful resolution of failed transfers remain important measures of its effectiveness.
What the development could mean for banks and businesses
A more integrated payment infrastructure could help financial institutions connect their services, exchange transaction information and improve the management of electronic payments.
For businesses, these capabilities may support supplier payments, salary disbursements, customer collections and financial reconciliation. Fintech companies could also benefit from integration tools that make it easier to connect their services to participating payment systems.
Consumers could benefit from more transparent transaction records and improved processes for tracing payments or resolving disputes.
The potential benefits will depend on how the infrastructure is implemented, the institutions that participate and the effectiveness of the security measures protecting transactions.
The reported involvement of Transactility could represent another development in the evolution of Nigeria’s payment ecosystem, but its precise contribution cannot be established without confirmation from the organisations.
What happens next?
Further details are needed to clarify the nature of the NIBSS–Transactility arrangement, including its technical scope, implementation plans and expected deliverables.
An official announcement from either organisation would help establish whether the arrangement involves technology development, system integration or another form of collaboration.
For Nigeria’s financial sector, the broader priority remains the development of a secure, reliable and interoperable payment system capable of supporting businesses, consumers and the expanding digital economy.
The impact of the reported partnership will ultimately depend on the capabilities it delivers and how effectively those capabilities are adopted across the financial ecosystem.
Weng Global – Stories beyond borders
Sources
- NIBSS, NIBSS Unveils the National Payment Stack to Power the Future of Instant Payments in Nigeria, June 23, 2025.
- NIBSS, NIBSS’ New Payment System Records 26.5m Transactions Worth N1.4trn, August 12, 2026.
- NIBSS, NIBSS National Payment Stack Hits 100m Transactions, September 28, 2026.
- Punch, NIBSS Records 100 Million Transactions on Payment Stack, September 28, 2026.
