Nigeria’s Digital Payment Revolution: First Transaction on National Payment Stack Completed
In a significant milestone for Nigeria’s digital payment infrastructure, the first live transaction on the National Payment Stack (NPS) was successfully executed between PalmPay and Wema Bank. The historic payment, processed in milliseconds, took place on Friday, November 7, 2025, at 11:56 a.m.
The NPS, designed to replace the existing NIBSS Instant Payment platform, represents a major advancement in the country’s financial technology landscape. This next-generation infrastructure aims to modernize and unify Nigeria’s digital payment ecosystem.
According to the Nigeria Inter-Bank Settlement System (NIBSS), the new system delivers enhanced capabilities including instant, high-volume processing, seamless integration between banks and fintech companies, and advanced security features. The platform incorporates digital signatures and multi-layer authentication, while also supporting cross-border transactions.
Built on the ISO 20022 international standard for financial messaging, the NPS aligns Nigeria’s payment infrastructure with global best practices. This standardization ensures transparency, regulatory compliance, and compatibility with international payment systems, positioning Nigeria as an emerging leader in Africa’s digital transformation.
Premier Oiwoh, NIBSS Managing Director and CEO, highlighted the significance of the NPS during its launch in June 2025, emphasizing its role in simplifying payments and promoting financial inclusion across the nation.
The successful implementation of the NPS also strengthens Nigeria’s Digital Public Infrastructure, creating new opportunities for innovative financial products and digital services for both individuals and businesses.
NIBSS has called on all financial institutions and payment service providers to integrate with the NPS to enhance their digital payment services. Additionally, the organization continues to enforce compliance with Central Bank of Nigeria (CBN) regulations, requiring banks and financial institutions to submit customer account details to the Industry Customer Account Database (ICAD) within 24 hours of account creation.
This development marks a crucial step forward in Nigeria’s journey toward a more sophisticated and inclusive digital payment ecosystem, promising faster, more secure, and more efficient financial services for all Nigerians.
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