First Bank and Fidelity Bank Lead in Transaction Volume, Value as NPS Processes Over 26 Million Transactions
As Nigeria’s payments infrastructure undergoes a transformative upgrade, First Bank of Nigeria and Fidelity Bank are at the forefront of this digital revolution, driving adoption of the innovative National Payment Stack (NPS). Since its deployment, the platform has processed over 26.55 million transactions valued at ₦1.4 trillion across 48 participating institutions, signaling a new era of efficiency and interoperability in Nigeria’s financial sector.
First Bank, Nigeria’s oldest and one of its largest financial institutions, has emerged as the industry leader in transaction volume, demonstrating its commitment to leveraging cutting-edge digital infrastructure for enhanced customer experience and operational efficiency. Meanwhile, Fidelity Bank has established itself as the leader in transaction value, showcasing its strategic focus on high-value corporate transactions and regional trade facilitation.
Other early adopters such as Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint have also contributed significantly to the rapid scale-up of the platform, positioning Nigeria’s banking sector at the forefront of digital payments innovation.
The NPS platform introduces several industry-first features that are reshaping Nigeria’s financial ecosystem:
• **ISO 20022 Data Architecture:** Enabling structured, metadata-rich transactions that streamline reconciliation, merchant collections, and request-to-pay invoicing.
• **Unified Payment Rails:** Combining various transaction types—such as single transfers and high-volume disbursements—into a single, seamless system supporting direct debits, asynchronous processing, and deferred settlements.
• **Embedded Security & Compliance:** Incorporating automated sanction screening, account validation, encryption, and real-time risk scoring to enhance security and regulatory compliance.
• **Treasury Optimization:** Providing real-time net position visibility and continuous settlement accounting to improve liquidity management across institutions.
Commenting on the milestone, Premier Oiwoh, Managing Director and CEO of NIBSS, highlighted the strategic importance of the platform: “The National Payment Stack represents an economic catalyst moving our financial infrastructure from basic transaction processing to comprehensive payment intelligence. By delivering an ISO 20022-compliant, multi-currency rail, Nigeria is positioning itself for increased interoperability, regional trade, and security.”
He emphasized the critical role of participating banks: “Full activation of processing messages and rails by all institutions is essential for seamless operation. NIBSS remains committed to providing continuous support, guidance, and technical assistance to ensure full compliance and optimal performance.”
Supporting this call, Dr. (Mrs.) Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), reiterated the importance of accelerating NPS integration. During her recent visit to NIBSS, she reaffirmed the CBN’s unwavering support for the ISO 20022 standard as Nigeria advances its digital payment agenda.
**About NIBSS:**
Nigeria Inter-Bank Settlement System Plc (NIBSS), incorporated in 1993 and owned by licensed banks including the CBN, has been a pioneer in developing Nigeria’s inter-bank payment infrastructure. Since launching operations in 1994, NIBSS has consistently driven innovation, security, and efficiency across Nigeria’s financial ecosystem.
As Nigeria transitions into a more interconnected and digital-first economy, First Bank and Fidelity Bank’s leadership in adopting the NPS underscores their commitment to delivering secure, efficient, and innovative banking solutions for millions of Nigerians.