In a landmark development for Nigeria’s digital economy, leading fintech company PalmPay and Wema Bank Plc have successfully completed the first-ever live transaction on the National Payment Stack (NPS) — a new digital payment infrastructure introduced by the Nigeria Inter-Bank Settlement System (NIBSS).
The transaction, which took place at 11:56 AM on Friday, November 7, 2025, was processed and settled instantly — within milliseconds — demonstrating the advanced capabilities of the new platform. According to NIBSS, this successful pilot represents the beginning of a new era for seamless, secure, and real-time payments across Nigeria’s financial ecosystem.
A new digital backbone for Nigeria’s financial system
The National Payment Stack (NPS) was developed by NIBSS as the next-generation upgrade to Nigeria’s payment infrastructure, with the goal of modernizing, unifying, and securing financial transactions across banks, fintechs, and payment service providers.
Unlike the current NIBSS Instant Payment (NIP) platform, which has powered Nigeria’s real-time transfers for over a decade, the NPS is designed to deliver faster processing, enhanced scalability, and global interoperability.
According to NIBSS, the NPS is capable of handling high-volume, high-speed transactions with near-zero downtime. It integrates advanced digital signature protocols, data encryption, and multi-factor authentication to protect consumers and institutions from fraud while ensuring compliance with local and international standards.
A key feature of the NPS is its alignment with the ISO 20022 global standard for financial messaging — a framework now adopted by central banks and payment systems across the world. This standard enhances data quality, enables interoperability between different payment networks, and ensures Nigeria’s continued integration with the global financial ecosystem.
Driving innovation and inclusion
NIBSS said the launch of the NPS marks a critical step toward building an inclusive and digitally resilient financial infrastructure. It will serve as the backbone for instant payments, digital wallets, merchant transactions, and government services, while supporting Nigeria’s transition to a cashless and connected economy.
The system’s design also incorporates cross-border payment capabilities, opening the door for Nigeria’s participation in regional and global digital payment flows. This is expected to accelerate trade across Africa, particularly under the African Continental Free Trade Area (AfCFTA) framework, by allowing frictionless movement of money between businesses and consumers.
NIBSS commended PalmPay and Wema Bank for pioneering the first live transaction on the NPS, describing the milestone as “a proof of concept that validates years of development and collaboration.”
“As integration continues across the financial ecosystem, NIBSS encourages all banks, fintechs, and payment service providers to complete their onboarding to the NPS,” the organization said. “This will ensure Nigerians enjoy faster, safer, and more inclusive digital payment experiences.”
Building the future of payments
The National Payment Stack was officially unveiled by NIBSS in June 2025, following extensive testing and industry consultation. The platform builds upon the legacy of the NIBSS Instant Payment (NIP) system, which was launched in 2011 as Africa’s first real-time account-based digital payment network.
During the unveiling ceremony, Mr. Premier Oiwoh, Managing Director of NIBSS, highlighted the NPS as a transformative step in Nigeria’s journey toward a $1 trillion digital economy.
He explained that the new infrastructure was developed not only to boost efficiency in financial transactions but also to deepen financial inclusion, improve transparency, and streamline government payments, including tax remittances, social welfare disbursements, and revenue collection.
“Our goal with the National Payment Stack is to prepare Nigeria for the next decade of digital innovation,” Oiwoh said. “This platform will enable faster transactions, power fintech creativity, and provide the infrastructure necessary to support a rapidly expanding digital economy.”
Strengthening Nigeria’s digital future
Analysts describe the completion of the first NPS transaction as a major technological breakthrough for Nigeria’s fintech sector. It demonstrates both the readiness of the system and the growing collaboration between traditional banks and digital-first financial companies.
As NIBSS continues to onboard institutions onto the new platform, the NPS is expected to replace the aging NIP system over time, bringing greater efficiency, reliability, and innovation to Nigeria’s rapidly evolving financial landscape.
With this milestone, PalmPay and Wema Bank have not only made history but also set the pace for the next chapter in Nigeria’s payment evolution, one where transactions are instant, secure, and globally connected.
