Nigeria’s digital payment sector has achieved a historic milestone with the successful completion of the first live transaction on the National Payment Stack (NPS) at exactly 11:56 a.m. on Friday, marking the beginning of a new era of seamless, secure, and inclusive financial transactions.
The inaugural transaction, carried out between PalmPay and Wema Bank, was executed in milliseconds with instant settlement — a clear demonstration of the reliability and scalability of the new system.
Developed by the Nigeria Inter-Bank Settlement System (NIBSS), the NPS is designed to unify the country’s payment ecosystem, modernize financial operations, and future-proof digital transactions across Nigeria.
Built on the ISO 20022 international standard, the NPS aligns Nigeria’s financial infrastructure with global best practices, ensuring interoperability, data integrity, and regulatory compliance. It allows real-time integration across banks, fintechs, and other financial institutions while enhancing security through digital signatures and multi-layer authentication.
The system is also expected to facilitate cross-border transactions, expanding Nigeria’s participation in regional and international trade.
According to Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, the National Payment Stack represents a significant upgrade from the existing NIBSS Instant Payment (NIP) platform. He noted that the NPS offers greater speed, enhanced customer experience, and improved operational efficiency.
“The National Payment Stack is a major step toward simplifying payments, deepening financial inclusion, and positioning Nigeria as a hub of digital transformation in Africa,” Oiwoh stated
