Nigeria’s digital payment landscape has reached a groundbreaking milestone as the first live transaction was successfully completed on the National Payment Stack (NPS).
Friday, 7 November 2025, marked the dawn of a new era of seamless, secure, and inclusive financial transactions.
The first transaction, executed between PalmPay and Wema Bank, represents a major leap forward in the evolution of Nigeria’s payment ecosystem.
Completed in milliseconds with instant settlement, it demonstrates the robustness, scalability, and transformative potential of the National Payment Stack, a national infrastructure powered by the Nigeria Inter-Bank Settlement System (NIBSS) designed to unify, modernise, and future-proof digital payments in Nigeria.
Developed as a next-generation payment infrastructure, the National Payment Stack embodies NIBSS’s commitment to speed, innovation, interoperability, and security, all crucial pillars in supporting Nigeria’s fast-growing digital economy.
Built on an advanced architecture, the Payment Stack 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.
-
Innovation: Enabling the creation of new financial products and digital services for individuals and businesses.
About the National Payment Stack
The National Payment Stack 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 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, which is a critical enabler of the nation’s digital economy,” NIBSS said.
Also Read: NPF Begins Training Workshop on Money Laundering, Terrorism Financing
The Stack will replace the current NIBSS Instant Payment platform, offering enhanced value, scalability, and a superior customer experience across the payment ecosystem.
Meanwhile, as integration continues across the ecosystem, NIBSS is encouraging all banks, fintechs, and other payment service providers to complete their onboarding to the National Payment Stack to deliver faster, safer, and more inclusive digital payment experiences for Nigerians.
About NIBSS
The Nigeria Inter-Bank Settlement System Plc (NIBSS) is a critical national infrastructure designated by the Federal Government of Nigeria.
Established by the Central Bank of Nigeria (CBN) and licensed financial institutions, NIBSS enhances interoperability, efficiency, and innovation within the nation’s financial services sector.
Serving as the shared-service infrastructure for the Nigerian financial ecosystem, NIBSS operates critical national platforms including the Nigeria Central Switch, the Bankers’ Clearing House System, the Bank Verification Number (BVN) System, and the National Domestic Card Scheme AfriGO.
Through its secure, world-class payment infrastructure and value-added services, NIBSS enables instant, reliable, and inclusive financial transactions, driving digital transformation and supporting the sustained growth of Nigeria’s digital economy.