Nigeria’s digital payment landscape has taken a major leap forward as fintech leader PalmPay and Wema Bank successfully completed the first live transaction on the Nigeria Inter-Bank Settlement System’s (NIBSS) National Payment Stack (NPS).
According to NIBSS, the landmark transaction, executed at exactly 11:56 AM on Friday, November 7, 2025, was processed and settled within milliseconds, a feat that underscores the revolutionary capabilities of the new system.
This milestone signals the dawn of a new era of seamless, secure, and inclusive financial transactions in Nigeria’s rapidly evolving digital economy.
A New Engine for Nigeria’s Digital Payments
The National Payment Stack (NPS), developed and powered by NIBSS, is a next-generation payment infrastructure designed to unify, modernize, and strengthen Nigeria’s financial ecosystem.
Built to handle instant, reliable, and high-volume transactions, the NPS enhances speed, interoperability, and security across banks, fintechs, and other financial institutions.
The system integrates advanced security features such as digital signatures and multi-factor authentication, ensuring the highest level of protection for customer data.
Beyond local transactions, the NPS comes with cross-border capabilities, positioning Nigeria to expand its influence in regional and global financial systems.
ISO 20022 Compliance: Aligning Nigeria with Global Standards
The National Payment Stack is built on the ISO 20022 international standard for financial messaging, a framework that improves data richness, interoperability, and compliance with global payment systems.
This aligns with the Central Bank of Nigeria’s (CBN) directive mandating the adoption of ISO 20022 across all electronic financial transactions in the country.
According to NIBSS, the migration to ISO 20022 will not only ensure compatibility with international systems but also enhance transparency, efficiency, and innovation in Nigeria’s digital financial infrastructure.
NPS to Replace NIBSS Instant Payment (NIP) Platform
The National Payment Stack is set to replace the long-standing NIBSS Instant Payment (NIP) platform, which was launched 14 years ago as Africa’s first real-time, account-based digital payment solution.
With improved scalability, better reliability, and a superior user experience, the NPS represents a significant upgrade from the existing infrastructure.
NIBSS commended PalmPay and Wema Bank for pioneering the first live transaction, describing their collaboration as a milestone that paves the way for ecosystem-wide integration.
“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 said.
Driving Financial Inclusion and Economic Growth
The National Payment Stack was first unveiled in June 2025 by NIBSS Managing Director Premier Oiwoh, who emphasized its strategic role in driving digital payment innovation, deepening financial inclusion, and enhancing government revenue collection and social intervention programs.
Oiwoh noted that as Nigeria works toward building a $1 trillion economy within eight years, modernizing the country’s payment rails through the NPS is critical to stimulating growth and enabling a resilient digital economy.
