The Nigeria Inter-Bank Settlement System (NIBSS) has completed the first live transaction on the newly launched National Payment Stack (NPS)—a landmark development set to redefine the country's digital payment ecosystem.
The transaction, executed between PalmPay and Wema Bank at exactly 11:56 a.m. on Friday, November 7, marks the beginning of faster, more secure, and more inclusive financial services for businesses and consumers.
According to NIBSS, the transaction—which settled in milliseconds—demonstrated the scalability, security, and innovation embedded in the NPS platform. The new system is designed to unify and modernise Nigeria's payment infrastructure, driving efficiency and interoperability across banks, fintechs, and other financial institutions.
Developed on the ISO 20022 international messaging standard, the NPS aligns with the Central Bank of Nigeria's directive for enhanced regulatory compliance and global compatibility. It will eventually replace the existing NIBSS Instant Payment (NIP) platform, offering superior speed and customer experience.
Read also,
Managing Director of NIBSS, Premier Oiwoh, described the NPS as "a key milestone in simplifying payments, fostering financial inclusion, and positioning Nigeria at the forefront of Africa's digital transformation."
NIBSS commended PalmPay and Wema Bank for pioneering the first transaction and urged all financial institutions to complete onboarding to the new platform, ensuring faster, safer, and more reliable digital payments nationwide.
With the NPS rollout, Nigeria moves closer to building a Digital Public Infrastructure (DPI) that empowers SMEs, expands financial access, and supports the country's growing digital economy.
