NIBSS executes first transaction on national payment stack

Nigeria’s digital payments ecosystem reached a historic milestone on Friday, November 7, 2025, when the first live transaction on the National Payment Stack (NPS) was successfully completed at exactly 11:56 a.m., marking the dawn of a new era of faster, safer, and more inclusive financial transactions.

The maiden transaction, executed between PalmPay and Wema Bank, represents a giant leap in Nigeria’s financial technology evolution. Completed in milliseconds with instant settlement, the transaction demonstrated the robustness, scalability, and transformative potential of the NPS—an advanced national infrastructure developed by the Nigeria Inter-Bank Settlement System (NIBSS) to unify, modernize, and future-proof the nation’s digital payment systems.

Built as a next-generation payment engine, the NPS embodies NIBSS’s commitment to speed, interoperability, innovation, and security—essential pillars for Nigeria’s rapidly expanding digital economy. The system supports instant high-volume transactions, seamless integration across banks and fintechs, enhanced data protection through multi-layer authentication, and cross-border capabilities for regional and international settlements.

The National Payment Stack is built on the ISO 20022 international standard for financial messaging, aligning Nigeria’s payment infrastructure with global best practices and the Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 compliance for all electronic transactions. This strategic shift enhances interoperability, transparency, and regulatory oversight while laying the groundwork for Nigeria’s Digital Public Infrastructure (DPI)—a key driver of the country’s digital economy.

According to NIBSS, the NPS will replace the current NIBSS Instant Payment (NIP) platform, offering greater value, scalability, and an improved customer experience across all digital payment channels.

Speaking at the NPS launch earlier in June, NIBSS Managing Director and Chief Executive Officer, Mr. Premier Oiwoh, described the development as a landmark in Nigeria’s journey toward payment modernization. “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,” he said.

NIBSS commended PalmPay and Wema Bank for pioneering the first live transaction on the platform, describing them as trailblazers in Nigeria’s new digital payments era. The company also acknowledged the contributions of all participating financial institutions and ecosystem partners for their shared vision and collaboration in bringing the NPS to life.

As integration gathers momentum, NIBSS encouraged all banks, fintechs, and payment service providers to complete their onboarding processes to the NPS to deliver faster, safer, and more inclusive payment experiences for Nigerians.

“Together, we are building the future of payments—efficient, secure, and truly unified,” the organization stated. “This achievement marks the dawn of a new digital era for Nigeria.”

Established by the Central Bank of Nigeria and licensed financial institutions, NIBSS serves as the backbone of the nation’s financial system, operating critical infrastructure such as the Nigeria Central Switch, the Bankers’ Clearing House System, the Bank Verification Number (BVN) platform, and the AfriGO National Domestic Card Scheme. Through these systems, NIBSS continues to drive digital transformation, efficiency, and innovation across Nigeria’s financial ecosystem.