The National Payment Stack (NPS) has achieved a major milestone in Nigeria’s digital finance landscape by completing its first transaction between a commercial bank and a financial technology company. The Nigeria Inter-Bank Settlement System (NIBSS) confirmed that PalmPay and Wema Bank were the first institutions to benefit from the groundbreaking infrastructure, marking the start of a more seamless and inclusive payment era.
The historic transaction, executed on Friday, November 7 at precisely 11:56 a.m., was completed in milliseconds with instant settlement, showcasing the speed, scalability, and security of the NPS. According to NIBSS, the platform demonstrates Nigeria’s commitment to modernizing its financial ecosystem while preparing for future digital payment innovations.
Developed as a next-generation payment infrastructure, the NPS embodies NIBSS’ dedication to innovation, interoperability, and security. It enables instant, reliable, high-volume payment processing, seamlessly connecting banks, fintechs, and other payment service providers. By adopting the ISO 20022 international standard for financial messaging, the platform ensures data richness, regulatory compliance, and compatibility with global systems, aligning Nigeria with international payment practices.
The National Payment Stack is set to replace the current NIBSS Instant Payment (NIP) platform, offering enhanced value and improved customer experience. Speaking at the NPS launch in June 2025, NIBSS Managing Director Premier Oiwoh highlighted the platform as a key milestone in simplifying payments, fostering financial inclusion, and positioning Nigeria as a leader in digital transformation across Africa.
NIBSS extended special recognition to PalmPay and Wema Bank for pioneering the first NPS transaction, while encouraging other banks and fintechs to complete their onboarding. As the integration expands across the ecosystem, Nigerians can expect faster, safer, and more inclusive digital payment experiences, driving the growth of the country’s burgeoning digital economy.
source: The Nation