National Payment Stack completes first live transaction

The first live transaction has been completed on the National Payment Stack, marking a shift in Nigeria’s digital payment landscape and a replacement for the current NIBSS Instant Payment platform.

According to a statement from the Nigeria Inter-Bank Settlement System on Sunday, the transaction took place on Friday, November 7, 2025, at exactly 11:56 a.m. between PalmPay and Wema Bank.

The  National Payment Stack, a payment infrastructure, is aimed at redefining digital payments in Africa and builds on the introduction of NIBSS Instant Payments.

The first transaction, which was said to have been completed in milliseconds with instant settlement, demonstrated the robustness, scalability and transformative potential of the NPS, a national infrastructure powered by the Nigeria Inter-Bank Settlement System to unify, modernise and future-proof digital payments in Nigeria.

“Developed as a next-generation payment infrastructure, the NPS embodies NIBSS’s commitment to speed, innovation, interoperability and security; all crucial pillars in supporting Nigeria’s digital economy. Built on an advanced architecture, NPS enables speed, instant, reliable, and high-volume payment processing; interoperability, seamless integration across banks, fintechs, and other payment institutions; security, reinforced with digital signatures and multi-layer authentication for enhanced data protection; cross-border capability, extending Nigeria’s reach in regional and global transactions; and innovation, enabling the creation of new financial products and digital services for individuals and businesses.”

“The NPS is the new engine driving Nigeria’s next phase of payment innovation. Built on the ISO 20022 international standard for financial messaging, this global framework improves data richness, interoperability, and regulatory compliance, aligning Nigeria’s payment infrastructure with the Central Bank of Nigeria’s directive mandating ISO 20022 adoption for all electronic financial transactions,” said the NIBSS in its statement.

This strategic migration ensures continued compatibility with international systems, promotes greater transparency, and establishes the payments foundation for the development of Nigeria’s Digital Public Infrastructure, which is a critical enabler of the nation’s digital economy.

The new national payment infrastructure is described as an extension of the legacy of innovation that began over a decade ago with the introduction of NIBSS Instant Payments, Africa’s first real-time account-based digital payment solution.

Speaking during the NPS launch in June 2025, Managing Director/Chief Executive Officer of NIBSS, Mr Premier Oiwoh, emphasised that, “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 went on to extend special recognition to PalmPay and Wema Bank for being the trailblazers of the achievement and to all participating financial institutions and partners for their continued collaboration and shared commitment in realising this vision.

“As integration continues across the ecosystem, NIBSS encourages all banks, fintechs and other payment service providers to complete their onboarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians,” NIBSS added.