The Nigeria Inter-Bank Settlement System Plc (NIBSS) has confirmed the successful completion of the first live transaction on the country’s newly introduced National Payment Stack (NPS), a next-generation infrastructure designed to redefine the future of digital payments in Africa’s largest economy.
According to a statement dated November 7, NIBSS said the landmark transaction occurred on Friday at exactly 11:56 a.m. between PalmPay and Wema Bank, marking what it described as “the dawn of a new era of seamless, secure and inclusive financial transactions.”
The achievement comes months after the official unveiling of the National Payment Stack on June 17, 2025, which NIBSS described as “a next-generation payment infrastructure designed to transform Nigeria’s instant payment ecosystem and redefine the future of digital transactions.”
The agency said the NPS is set to replace the current NIBSS Instant Payment (NIP) platform, “offering enhanced value, scalability, and a superior customer experience across the payment ecosystem.”
In its statement, NIBSS noted that the transaction “completed in milliseconds with instant settlement, demonstrates the robustness, scalability and transformative potential of the NPS – a national infrastructure powered by the Nigeria Inter-Bank Settlement System (NIBSS) to unify, modernize and future-proof digital payments in Nigeria.”
Okay News reports that the NIBSS described the milestone as “a major leap forward in the evolution of the country’s payment ecosystem,” while reaffirming that the NPS, “developed as a next-generation payment infrastructure,” reflects its “commitment to speed, innovation, interoperability and security — crucial pillars in supporting Nigeria’s fast-growing digital economy.”
It added that the new system is “the engine driving Nigeria’s next phase of payment innovation.”
The statement further reads: “Built on the ISO 20022 international standard for financial messaging, this global framework enhances data richness, interoperability, and regulatory compliance; aligning Nigeria’s payment infrastructure with the Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 adoption for all electronic financial transactions.”
“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 (DPI), which is a critical enabler of our Nation’s digital economy.”
NIBSS commended PalmPay and Wema Bank for pioneering the live test, praising all financial institutions and partners for their cooperation and commitment to the new payment framework.
The agency urged banks, fintechs, and other payment service providers “to complete their onboarding to the NPS to enable faster, safer, and inclusive digital payment experiences for Nigerians.”
