Nigeria vs Pakistan · Real-time payment systems compared
| Capability | NIP | Raast |
|---|---|---|
| QR Code Payments | ◐ | — |
| Wallet Support | — | — |
| 24/7 Availability | ✓ | ✓ |
| Cross-Border | — | — |
| ISO 20022 | — | ✓ |
| Request to Pay | — | — |
| Open API | ◐ | ◐ |
| Alias/Proxy | — | ✓ |
Nigeria's NIBSS Instant Payment system is the backbone of real-time interbank transfers in Africa's largest economy, operated by Nigeria Inter-Bank Settlement System (NIBSS). NIP enables 24/7 instant account-to-account transfers across all banks and fintech providers via account number, phone number, or BVN (Bank Verification Number). With over 200M people and a booming fintech ecosystem (OPay, PalmPay, Kuda, Moniepoint), NIP processes billions of transactions annually and is central to Nigeria's cashless policy. It also powers popular consumer apps and the NQR (NIBSS QR) standard for merchant payments.
Pakistan's instant payment system launched by the State Bank of Pakistan (SBP) as part of its Digital Pakistan vision. Raast (meaning "direct path" in Urdu) enables 24/7 real-time transfers between banks and fintech providers via IBAN, mobile number (Raast ID), or CNIC (national ID). Designed with ISO 20022 messaging from the ground up, Raast supports P2P, P2M, and bulk/salary disbursements. With Pakistan's 220M+ population and only ~30% banked, Raast is a critical financial inclusion tool. It also includes a request-to-pay feature and plans for QR-based merchant payments.