Nigeria’s digital payment landscape reached a groundbreaking milestone on Friday, November 7, 2025, as the first live transaction was successfully completed on the National Payment Stack (NPS) at exactly 11:56 a.m.
City Business News reports that the historic transaction, executed between PalmPay and Wema Bank, marks the beginning of a new era of seamless, secure, and inclusive financial transactions in the country.
Completed in milliseconds with instant settlement, the transaction underscores the robustness, scalability, and transformative potential of the NPS — a national payment infrastructure developed by the Nigeria Inter-Bank Settlement System (NIBSS) to unify and modernize digital payments in Nigeria.
Designed as a next-generation payment infrastructure, the NPS reflects NIBSS’s commitment to speed, innovation, interoperability, and security—key pillars supporting Nigeria’s fast-growing digital economy.
Built on advanced architecture, the system delivers:
Speed: Instant, reliable, high-volume payment processing.
Interoperability: Seamless integration across banks, fintechs, and other payment institutions.
Security: Enhanced protection through digital signatures and multi-layer authentication.
Cross-Border Capability: Extending Nigeria’s reach in regional and global transactions.
Innovation: Enabling the creation of new financial products and services for individuals and businesses.
Built on the ISO 20022 international standard for financial messaging, the NPS enhances data quality, interoperability, and regulatory compliance.
This alignment with the Central Bank of Nigeria’s (CBN) directive on ISO 20022 adoption ensures global compatibility, greater transparency, and a strong foundation for developing Nigeria’s Digital Public Infrastructure (DPI) — a critical enabler of the nation’s digital economy.
The NPS will eventually replace the current NIBSS Instant Payment (NIP) platform, offering enhanced scalability, improved value delivery, and a superior customer experience across the payment ecosystem.
Speaking during the NPS launch in June 2025, Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, described the innovation as a key milestone in Nigeria’s journey toward simplifying payments and driving inclusion.
“The National Payment Stack is a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa,” Oiwoh said.
NIBSS also commended PalmPay and Wema Bank for being the trailblazers in achieving the first live transaction, and appreciated all financial institutions and ecosystem partners for their collaboration and shared commitment to the vision.
As integration continues across banks, fintechs, and other payment service providers, NIBSS encouraged all stakeholders to complete their onboarding to the NPS, emphasizing its role in delivering faster, safer, and more inclusive digital payment experiences for Nigerians.
With the successful execution of the first live transaction, Nigeria takes a bold step toward a future of unified, efficient, and secure payments — a defining moment in the nation’s digital transformation journey.
