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By Chinenye Anuforo
PalmPay, in partnership with Wema Bank, has completed Nigeria’s first live transaction on the National Payment Stack (NPS), a new payment infrastructure developed by the Nigeria Inter-bank Settlement System (NIBSS). The transaction was executed at 11:56 a.m. on Friday, November 7, 2025.
The development marks a significant step in the country’s efforts to modernise its payment systems and advance financial innovation. The NPS, designed as a next-generation upgrade to existing infrastructure, offers faster processing, greater interoperability and real-time settlement across the financial sector. It also incorporates international standards, including ISO 20022 messaging, and enhanced security features such as digital signatures and multi-factor authentication.
NIBSS Managing Director/Chief Executive Officer, Premier Oiwoh, described the successful transaction as a shared milestone for the industry. He commended PalmPay for its role in testing and executing the first NPS transaction, noting that the system is expected to drive inclusion, efficiency and safer operations within the financial ecosystem.
PalmPay’s Group Chief Commercial Officer, Jaipei Yan, said the achievement aligns with the company’s mission of advancing digital financial services and expanding financial inclusion. He added that PalmPay had worked closely with NIBSS and other stakeholders to enable the pilot transaction.
PalmPay has recently received international recognition, including listings on the Financial Times Africa’s Fastest-Growing Companies 2025 and CNBC/Statista’s Top 300 Global Fintech Companies for 2024 and 2025.
According to the company, its participation in the NPS launch reinforces its support for the Central Bank of Nigeria’s efforts to build a more connected and digital economy. PalmPay said it plans to continue developing technologies that expand access to financial services across Nigeria and the wider African market.
