The Nigeria Inter-Bank Settlement System (NIBSS) has announced the successful execution of the first-ever payment on the National Payment Stack (NPS) between PalmPay and Wema Bank, marking a major milestone in Nigeria’s payment infrastructure transformation.
According to NIBSS, the transaction was carried out on Friday, November 7, 2025, at 11:56 a.m., and was completed in milliseconds with instant settlement, underscoring the robustness, scalability, and transformative potential of the new system.
Describing the feat as the dawn of a new era of seamless, secure, and inclusive financial transactions, NIBSS said the NPS was designed to unify, modernise, 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’s fast-growing digital economy,” the statement read.
Built on ISO 20022, the international standard for financial messaging, the NPS enhances data richness, interoperability, and regulatory compliance, aligning Nigeria’s payment framework with the Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 adoption for all electronic transactions.
This strategic upgrade ensures compatibility with international systems, promotes greater transparency, and lays the foundation for Nigeria’s Digital Public Infrastructure (DPI) — a critical driver of the nation’s digital economy.
The National Payment Stack will replace the current NIBSS Instant Payment (NIP) platform, offering improved speed, scalability, and user experience across the payment ecosystem.
During the NPS launch in June 2025, NIBSS Managing Director, Premier Oiwoh, described the initiative as “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 and urged all banks, fintechs, and payment service providers to complete their onboarding to the NPS in order to deliver faster, safer, and more inclusive digital payment experiences for Nigerians.
