Nigeria’s digital payment journey has hit a defining milestone. At exactly 11:56 a.m. on Friday, November 7, 2025, the first live transaction on the National Payment Stack (NPS) was completed. This marks a symbolic leap into the future of payments.
The transaction, executed between PalmPay and Wema Bank, was processed in milliseconds with instant settlement. It marked the first real-world test of the NPS, the new backbone of Nigeria’s fast-evolving digital payments system.
Developed by the Nigeria Inter-Bank Settlement System (NIBSS), the NPS is designed to unify, modernise, and future-proof the nation’s financial infrastructure.
It promises faster transactions, seamless interoperability across banks and fintechs, and stronger data protection through multi-layer authentication. The platform is also built for cross-border payments and supports innovation in new digital financial services.
Built on the ISO 20022 global messaging standard, the NPS aligns Nigeria’s financial system with international best practices and the Central Bank of Nigeria’s directive for ISO 20022 compliance.
This upgrade replaces the long-standing NIBSS Instant Payment (NIP) platform and ushers in a more scalable, secure, and user-friendly foundation for the country’s digital economy.
Premier Oiwoh, Managing Director and CEO of NIBSS, described the achievement as a “key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.”
NIBSS also recognised PalmPay and Wema Bank for pioneering the first transaction, calling them “trailblazers in Nigeria’s digital finance evolution.”
As more banks, fintechs, and payment service providers integrate into the NPS, NIBSS says Nigerians can expect faster, safer, and more inclusive digital experiences.
The future of payments, it says, is now live, efficient, secure, and truly unified.
