Dr (Mrs) Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the Central Bank of Nigeria (CBN), has called on financial institutions across the federation to accelerate the adoption of the ISO 20022-compliant National Payment Stack (NPS), reaffirming the central bank’s backing of the next-generation digital infrastructure. Co-created through extensive collaboration across the financial ecosystem under the guidance of the CBN, the platform marks a milestone in Nigeria’s payment modernization strategy.

The endorsement came during a courtesy visit to the Lagos headquarters of the Nigeria Inter-Bank Settlement System (NIBSS) PLC, where Dr Yusuf met with Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS.
Among other key agenda items, the meeting addressed industry readiness ahead of the CBN’s August 1, 2026 deadline for Point of Sale (PoS) geo-tagging and geo-fencing compliance, as well as collaborative efforts to combat payment fraud using real-time threat intelligence platforms like Hawk.

Underscoring the regulator’s stance on payment modernization and platform security, Dr Yusuf highlighted the pivotal role of the NPS in reshaping domestic finance stated “The National Payment Stack represents a fundamental evolution in our payment architecture, delivering the data richness, speed, and resilience required for a modern economy. The Central Bank of Nigeria fully supports this initiative, and we strongly urge all commercial banks, payment service providers, and financial institutions to expedite their integration onto the NPS rail. Adopting this unified infrastructure, alongside rigorous compliance with our PoS geo-tagging and geo-fencing directives, is essential to safeguarding system integrity and driving sustainable financial inclusion.”

In response, Premier Oiwoh expressed profound appreciation for the apex bank’s steadfast leadership and collaborative approach to ecosystem stability. “We are deeply honoured to host Dr Rakiya Yusuf and the leadership of the Payments System Supervision Department. The CBN’s unwavering support for the National Payment Stack serves as a powerful catalyst for full industry alignment. NIBSS remains resolutely committed to operationalising regulatory directives—from enforcing PoS geo-fencing capabilities to deploying advanced fraud management solutions like Hawk. With over 26 million transactions already completed during its pilot stage, the NPS has proven its reliability. It is not merely a payment rail, but a continuous, highly scalable infrastructure engineered to power the entire financial ecosystem for businesses, government, and the CBN alike. Together with the apex bank and our industry partners, we are building a secure, transparent, and resilient digital financial framework for Nigeria,” he stated.

The joint commitment reinforces a synchronized effort between the regulator and the national payment infrastructure provider to enforce compliance, optimize API consumption, and eliminate system vulnerabilities ahead of key regulatory cut-offs, paving the way for the ultimate retirement of the NIBSS Instant Payments (NIP) rail after more than 15 years of dedicated service to the industry.