Yemisi Izuora
Nigeria’s digital payment landscape has reached a groundbreaking milestone as the first live transaction was successfully completed on the National Payment Stack (NPS) on Friday, November 7, 2025 at exactly 11:56 AM,
marking the dawn of a new era of seamless, secure, and inclusive financial transactions.
The first transaction executed between PalmPay and Wema Bank, represents a major leap forward in the evolution of Nigeria’s payment ecosystem. Completed in milliseconds with instant settlement, it demonstrates the robustness, scalability and transformative potential of the NPS – a national infrastructure powered by the Nigeria Inter-Bank Settlement System (NIBSS) to unify, modernize and future-proof digital payments in Nigeria.
Developed as a next-generation payment infrastructure, the NPS embodies NIBSS commitment to speed, innovation, interoperability and security; all crucial pillars in supporting Nigeria’sfast-growing digital economy.
Built on an advanced architecture, NPS enables:
• Speed: Instant, reliable, and high-volume payment processing.
• Interoperability: Seamless integration across banks, fintechs, and other payment institutions.
• Security: Reinforced with digital signatures and multi-layer authentication for enhanced data protection.
• Cross-Border Capability: Extending Nigeria’s reach in regional and global transactions.
• Innovation: Enabling the creation of new financial products and digital services for individuals and businesses.
The National Payment Stack (NPS) is the new engine driving Nigeria’s next phase of payment innovation. Built on the ISO 20022 international standard for financial messaging, this global framework enhances data richness,
interoperability, and regulatory compliance; aligning Nigeria’s payment infrastructure with the Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 adoption for all electronic financial transactions.
This strategic migration ensures continued compatibility with international systems, promotes greater transparency, and establishes the payments foundation for the development of Nigeria’s Digital Public Infrastructure (DPI) which is a critical enabler of our Nation’s digital economy.
The NPS will replace the current NIBSS Instant Payment (NIP) platform, offering enhanced value, scalability, and a superior customer experience across the payment ecosystem.
Speaking during media rounds at the NPS launch in June 2025, Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, emphasized that, “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.”
NIBSS extends special recognition to PalmPay and Wema Bank for being the trailblazers of this achievement and to all participating financial institutions and partners for their continued collaboration and shared commitment in realizing this vision.
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.
Together, we are building the future of payments – efficient, secure, and truly unified.