Nigerian fintech companies PalmPay and Wema Bank have successfully conducted the first live transaction on the newly introduced National Payment Stack (NPS) by the Nigerian Interbank Payment System (NIBSS). This is seen as a significant milestone for Nigeria’s digital payments landscape.
A statement from NIBSS revealed that this historic event occurred on Friday, November 7, 2025, at 11:56 a.m. The transaction was completed in mere milliseconds with instant settlement, signaling the start of a new phase of efficient, secure, and inclusive financial transactions in Nigeria.
NIBSS emphasized that this accomplishment demonstrates the robustness and scalability of the NPS, which aims to modernize and integrate the nation’s payment infrastructure.
New engine for digital payments in Nigeria
The National Payment Stack, developed and empowered by NIBSS, represents a state-of-the-art payments framework tailored for speed, innovation, interoperability, and security. It’s crafted to manage instant, reliable, and high-volume payment processes while ensuring easy connections among banks, fintechs, and other financial entities.
- The NPS incorporates advanced security features like digital signatures and multi-factor authentication, safeguarding customer information. It is also designed for both domestic and cross-border transactions, extending Nigeria’s potential for regional and global financial dealings.
- Basing its structure on ISO 20022, the international standard for financial messaging, the NPS enhances interoperability, enriches data, and complies with global financial norms.
- This move aligns with the Central Bank of Nigeria’s directive, promoting the adoption of ISO 20022 for all electronic transactions in the nation.
NIBSS noted that transitioning to this framework will ensure Nigeria remains aligned with international payment systems, boost transparency, and reinforce the country’s digital infrastructure, which is crucial for a thriving digital economy.
Ultimately, the NPS is expected to replace the long-standing NIBSS Instant Payment (NIP) platform, delivering improved scalability, reliability, and a better user experience.
NIBSS recognized PalmPay and Wema Bank for their pioneering role in executing the inaugural live NPS transaction.
“As consolidation rises across the ecosystem, NIBSS urges all banks, fintechs, and payment service providers to complete their onboarding to the NPS for a faster, safer, and more comprehensive digital payments experience,” the organization remarked.
What you need to know
NIBSS launched the National Payment Stack in June this year, aiming to transform instant payments in the country.
The NPS builds upon the legacy of NIBSS Instant Payments (NIP), which has been around for 14 years as Africa’s first real-time account-based payment solution.
- During the launch event in Lagos, NIBSS Managing Director Prime Minister Oyiwo stated that the NPS was designed to future-proof Nigeria’s digital payment systems.
- Oyiwo highlighted that the strategic goal of developing the NPS is to foster innovation in digital payments, enhance financial inclusion, and improve governmental financial operations like social intervention payments and tax collection.
- He added that in light of Nigeria’s ambition to create a $1 trillion economy within eight years, advancements in payment infrastructure like the NPS are necessary to fuel growth and prepare for the future.
