First Bank, Fidelity Take The Lead In Transaction Volume, Total Cash Value As Processed Payments On NPS Hit N1.4 Trillion

First Bank of Nigeria and Fidelity Bank are leading the pack in a major overhaul of Nigeria’s banking infrastructure, as the newly rolled-out National Payment Stack (NPS) has processed over 26.5 million transactions worth ₦1.4 trillion since it went live.

The Nigeria Inter-Bank Settlement System (NIBSS) confirmed the milestone, noting that 48 financial institutions have already signed on to the platform. First Bank currently leads in transaction volume, while Fidelity Bank tops the chart for total transaction value, pointing to its focus on larger corporate and trade-related transfers.

NPS is built to eventually replace NIP (NIBSS Instant Payment), the system that has powered Nigeria’s instant transfers for the past 15 years. In simple terms, it’s a new digital rail that banks use to move money between each other in real time, but with more built-in intelligence, meaning it doesn’t just move funds, it also carries structured data about each transaction, which should make actions like reconciling payments and validating accounts faster and less error-prone.

The platform also brings some notable upgrades: it can handle multiple currencies, supports both single transfers and bulk payments, and comes with built-in security checks such as automated screening and real-time risk scoring, aimed at cutting down fraud and compliance headaches for banks.Other early adopters of the platform include Guaranty Trust Bank, Sterling Bank, Access Bank and Moniepoint, according to NIBSS.

Premier Oiwoh, Managing Director and CEO of NIBSS, described the significance of the rollout, saying “the National Payment Stack represents an economic catalyst” moving Nigeria’s financial infrastructure from basic transaction processing toward broader payment intelligence. He added that full participation from all 48 institutions is still needed to complete the transition and eventually retire the older NIP system.

The Central Bank of Nigeria has also thrown its weight behind the shift. Dr. Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the CBN, urged financial institutions to speed up their integration with the new system during a recent visit to NIBSS’s headquarters, reaffirming the apex bank’s backing for the new data standard the platform runs on.

NIBSS, which was set up in 1993 and is owned by Nigeria’s licensed banks including the CBN, has run the country’s inter-bank payment infrastructure since 1994.