Launched in 2012, NIBSS Instant Payment (NIP) is Nigeria's leading digital payment infrastructure. It is owned and operated by the Nigeria Inter-Bank Settlement System (NIBSS), which was established in 1993 and is owned by the Central Bank of Nigeria (CBN) and licensed banks in Nigeria.

The NIP platform operates 24/7 and serves as an account-based, online real-time Electronic Funds Transfer (EFT) system.

NIP has evolved into a comprehensive payment platform.

In 2023, 13% of Nigeria's 224M projected population used NIP for transactions, up by nearly 77% from 2020.