Nigeria records first successful transaction on National Payment Stack
NIBSS
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Nigeria’s digital payment industry has achieved a historic breakthrough as the first live transaction on the National Payment Stack (NPS) was successfully completed at 11:56 a.m. on Friday, November 7, 2025.
A statement by the Nigeria Inter-Bank Settlement System (NIBSS) said on Sunday.
The transaction, executed between PalmPay and Wema Bank, marks a new era of seamless, secure, and inclusive financial transactions in the country. Completed in milliseconds with instant settlement, it highlights the robustness, scalability, and transformative potential of the NPS — a national infrastructure developed by the NIBSS to unify and modernize digital payments in Nigeria.
Designed as a next-generation payment infrastructure, the NPS underscores NIBSS’s commitment to speed, innovation, interoperability, and security — all essential pillars for Nigeria’s fast-growing digital economy.
Key features of the National Payment Stack include:
Speed: Instant, reliable, and high-volume payment processing.
Interoperability: Seamless integration across banks, fintechs, and payment service providers.
Security: Multi-layer authentication and digital signatures for enhanced data protection.
Cross-Border Capability: Facilitates regional and global transactions.
Innovation: Enables the creation of new digital products and services.
Built on the ISO 20022 international financial messaging standard, the NPS enhances data quality, interoperability, and regulatory compliance — aligning Nigeria’s payment systems with the Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 adoption for all electronic transactions.
The migration to NPS ensures compatibility with global systems, promotes transparency, and establishes a solid foundation for Nigeria’s Digital Public Infrastructure (DPI) — a key enabler of the nation’s digital economy. The platform will replace the existing NIBSS Instant Payment (NIP) system, offering improved scalability and user experience across the payment ecosystem.
Speaking at the NPS launch earlier this year, Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, said:
“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 commended PalmPay and Wema Bank for pioneering the inaugural transaction, as well as all partner institutions for their collaboration and shared commitment to advancing Nigeria’s payment innovation.
As onboarding continues across the financial ecosystem, NIBSS has urged all banks, fintechs, and payment service providers to complete integration with the NPS to ensure faster, safer, and more inclusive digital payment experiences for Nigerians.
