PalmPay and Wema Bank complete first NIBSS NPS live transaction

Nigerian fintech, PalmPay, and Wema Bank have carried out the first live transaction on the Nigeria Inter-Bank Settlement System’s (NIBSS) newly launched National Payment Stack (NPS), marking a significant milestone for the country’s digital payment ecosystem.

According to a statement from NIBSS, the historic transaction was executed precisely at 11:56 AM on Friday, November 7, 2025, and was completed in milliseconds with instant settlement, signaling the beginning of a new era of seamless, secure, and inclusive financial transactions in Nigeria.

NIBSS stated that this achievement highlights the robustness and scalability of the NPS, a national infrastructure created to unify and modernize the country’s payment system.

A new engine for Nigeria’s digital payments

Developed and powered by NIBSS, the National Payment Stack is a next-generation payment infrastructure designed to enhance speed, innovation, interoperability, and security. It supports instant, reliable, and high-volume payment processing while enabling seamless integration across banks, fintechs, and other payment entities.

The NPS also incorporates advanced security features, including digital signatures and multi-factor authentication, to safeguard customer data. Beyond domestic payments, the system is built with cross-border capabilities, allowing Nigeria to expand its reach in regional and global financial transactions.

This system is based on the ISO 20022 international standard for financial messaging — a framework that boosts interoperability, data richness, and compliance with worldwide financial systems.

This standardization aligns with the Central Bank of Nigeria’s (CBN) requirement for ISO 20022 adoption in all electronic financial transactions nationwide.

According to NIBSS, transitioning to this framework will maintain Nigeria’s compatibility with international payment systems, enhance transparency, and strengthen the country’s digital public infrastructure — a critical component of its growing digital economy.

NIBSS added that the National Payment Stack will eventually replace the longstanding NIBSS Instant Payment (NIP) platform, providing greater scalability, improved reliability, and a better user experience.

NIBSS commended PalmPay and Wema Bank for pioneering 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.

NIBSS launched the National Payment Stack in June this year to transform instant payments in Nigeria.

The NPS builds on the legacy of NIBSS Instant Payments (NIP), which was introduced 14 years ago as Africa’s first real-time, account-based digital payment solution.

During the unveiling event in Lagos, NIBSS Managing Director Mr. Premier Oiwoh said the NPS was developed to prepare Nigeria for the future of digital payments.

Oiwoh explained that the main goal of building the NPS is to promote digital payment innovation, enhance financial inclusion, and improve government social intervention payments, tax collections, and revenue generation.

He also mentioned that with Nigeria aiming to build a $1 trillion economy in 8 years, a better payment infrastructure, such as the NPS, is essential to stimulate economic growth and prepare the country for future challenges.