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Nigeria has recorded the first live transaction on the National Payment Stack (NPS), marking a significant milestone in the country’s transition to a more advanced digital payment infrastructure. The system is positioned to eventually replace the current NIBSS Instant Payment (NIP) platform.
According to a statement released by the Nigeria Inter-Bank Settlement System (NIBSS) on Sunday, the inaugural transaction occurred at 11:56 a.m. on Friday, November 7, 2025, and was processed between PalmPay and Wema Bank.
The National Payment Stack is designed to modernise and unify Nigeria’s payment ecosystem, offering instant, high-volume processing while enhancing security and interoperability across banks, fintechs, and other financial service providers.
NIBSS noted that the transaction was completed within milliseconds, demonstrating the platform’s performance capabilities and its potential to support more seamless digital transactions nationwide.
“The NPS is built as next-generation national infrastructure, advancing our commitment to speed, innovation, interoperability, and security,” the statement said. Key features of the platform include multi-layer security, digital signatures, ISO 20022-based messaging standards, and cross-border transaction capabilities.
By adopting ISO 20022, Nigeria’s payment system aligns with global financial messaging standards, improving data quality, regulatory compliance, and compatibility with international payment systems. The platform is also expected to support the country’s broader Digital Public Infrastructure agenda, a foundation for expanding digital financial services and economic inclusion.
The introduction of the National Payment Stack builds on the success of NIBSS Instant Payments, launched more than a decade ago as Africa’s first real-time account-based digital payment solution.
Speaking at the official launch of the platform in June 2025, NIBSS Managing Director/Chief Executive Officer, Premier Oiwoh, described the initiative as “a major milestone in simplifying payments, deepening financial inclusion, and advancing Nigeria’s leadership in digital transformation across Africa.”
NIBSS acknowledged PalmPay and Wema Bank as the first institutions to complete a live transaction on the platform, and encouraged other banks and payment service providers to accelerate their onboarding process.
“As the ecosystem connects fully to the NPS, Nigerians will benefit from faster, more secure, and more inclusive digital payment experiences,” the statement added.
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