Nigerian fintech, PalmPay and Wema Bank have completed the first live transaction on the Nigeria Inter-Bank Settlement System’s (NIBSS) newly launched National Payment Stack (NPS), marking a groundbreaking moment for the country’s digital payment ecosystem.
According to a statement from NIBSS, the historic transaction executed at exactly 11:56 AM on Friday, November 7, 2025, was completed in milliseconds with instant settlement, a feat that signals the start of a new era of seamless, secure, and inclusive financial transactions in Nigeria.
NIBSS said this feat underscores the robustness and scalability of the NPS, a national infrastructure designed to unify and modernize the country’s payment ecosystem.
A new engine for Nigeria’s digital payments
Developed and powered by NIBSS, the National Payment Stack is a next-generation payment infrastructure built to enhance speed, innovation, interoperability, and security. It is designed to handle instant, reliable, and high-volume payment processing while ensuring seamless integration across banks, fintechs, and other payment institutions.
- The NPS also features advanced security layers, including digital signatures and multi-factor authentication, to protect customer data. Beyond local payments, the system is built with cross-border capabilities, enabling Nigeria to extend its reach in regional and global financial transactions.
- The NPS is built on the ISO 20022 international standard for financial messaging — a framework that enhances interoperability, data richness, and compliance with global financial systems.
- This standardization aligns with the Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 adoption for all electronic financial transactions in the country.
According to NIBSS, the migration to this framework will ensure Nigeria’s continued compatibility with international payment systems, improve transparency, and strengthen the country’s digital public infrastructure — a key foundation for its growing digital economy.
NIBSS added that the National Payment Stack will eventually replace the long-standing NIBSS Instant Payment (NIP) platform, offering greater scalability, improved reliability, and a superior user experience.
NIBSS applauded PalmPay and Wema Bank for being the trailblazers in achieving the first live NPS transaction.
“As integration continues across the ecosystem, NIBSS encourages all Banks, Fintechs and other payment service providers to complete their onboarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians,” the organization stated.
What you should know
NIBSS unveiled the National Payment Stack in June this year to revolutionise instant payment in the country.
The NPS builds on the legacy of NIBSS Instant Payments (NIP), which was built 14 years ago as Africa’s first real-time account-based digital payment solution.
- Speaking during the unveiling in Lagos, the Managing Director of NIBSS, Mr. Premier Oiwoh, said the NPS was built to prepare Nigeria for the future of digital payments.
- Oiwoh noted that the strategic objective of building the NPS is to drive digital payment innovation, deepen financial inclusion within the ecosystem, and improve government social intervention payments, tax payments, and revenue collection.
- He added that with Nigeria’s target of building a $1 trillion economy in 8 years, an improved payment rail, such as the NPS, is required to stimulate and prepare the country for the future.