The Nigeria Inter-Bank Settlement System Plc (NIBSS) said it has completed the first live transaction on the national payment stack (NPS).
On June 17, 2025, the NIBSS unveiled the national payment stack — a next-generation payment infrastructure designed to transform Nigeria’s instant payment ecosystem and redefine the future of digital transactions.
The NPS is expected to replace the current NIBSS Instant Payment (NIP) platform, “offering enhanced value, scalability, and a superior customer experience across the payment ecosystem”.
Speaking in a statement, the NIBSS said the transaction took place on Friday at exactly 11:56 am between PalmPay and Wema Bank, marking what it described as “the dawn of a new era of seamless, secure and inclusive financial transactions”.
The NIBSS said the milestone represents a major leap forward in the evolution of the country’s payment ecosystem.
“Completed in milliseconds with instant settlement, it demonstrates the robustness, scalability and transformative potential of the NPS – a national infrastructure powered by the Nigeria Inter-Bank Settlement System (NIBSS) to unify, modernize and future-proof digital payments in Nigeria,” the NIBSS said.
NIBSS said the NPS, “developed as a next-generation payment infrastructure”, reflects its commitment to speed, innovation, interoperability and security — crucial pillars in supporting Nigeria’s fast-growing digital economy.
The settlement system described the payment infrastructure as 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,” the statement further reads.
“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 NIBSS commended PalmPay and Wema Bank for pioneering the achievement and appreciated all participating financial institutions and partners for their collaboration and shared commitment to achieving the initiative’s vision.
The company also urged banks, fintechs, and other payment service providers to complete their onboarding to the NPS to enable faster, safer, and inclusive digital payment experiences for Nigerians.