Follow Us on Google
By Maduka Nweke
The Nigeria Inter-Bank Settlement System (NIBSS) has recorded a historic milestone for having the first successful transaction on the National Payment Stack (NPS).
The digital payment landscape has reached a groundbreaking milestone as the first live transaction was successfully completed on the National Payment Stack (NPS) on Friday, November 7, 2025 at exactly 11:56 am, marking the dawn of a new era of seamless, secure and inclusive financial transactions.
According to a statement made available to the Daily Sun by Lilian Phido, Head, Corporate Communications, NIBSS, the first transaction executed between PalmPay and Wema Bank, represents a major leap forward in the evolution of Nigeria’s payment ecosystem.
She said, “completed in milliseconds with instant settlement, it demonstrates the robustness, scalability and transformative potential of the NPS – a national infrastructure powered by NIBSS to unify, modernise and future-proof digital payments in Nigeria.
“Developed as a next-generation payment infrastructure, the NPS embodies NIBSS’ commitment to speed, innovation, interoperability and security; all crucial pillars in supporting Nigeria’s fast-growing digital economy. Built on an advanced architecture, NPS 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.
Other News
“The NPS 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 (DPI), which is a critical enabler of our nation’s digital economy. The NPS will replace the current NIBSS Instant Payment (NIP) platform, offering enhanced value, scalability and a superior customer experience across the payment ecosystem,” the statement said.
Speaking during media rounds at the NPS launch in June 2025, Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, emphasised that, “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 that NIBSS extends special recognition to PalmPay and Wema Bank for being the trailblazers of this achievement and to all participating financial institutions and partners for their continued collaboration and shared commitment in realising this vision.
“As integration continues across the ecosystem, NIBSS encourages all banks, fintechs and other payment service providers to complete their on-boarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians. Together, we are building the future of payments – efficient, secure and truly unified,” he stated.
