Nigerian fintech, PalmPay and Wema Bank have completed the first live transaction on the Nigeria Inter-Bank Settlement System’s (NIBSS) newly launched National Payment Stack (NPS), marking a groundbreaking moment for the country’s digital payment ecosystem.
According to a statement from NIBSS, the historic transaction executed at exactly 11:56 AM on Friday, November 7, 2025, was completed in milliseconds with instant settlement, a feat that signals the start of a new era of seamless, secure, and inclusive financial transactions in Nigeria.
NIBSS said this feat underscores the robustness and scalability of the NPS, a national infrastructure designed to unify and modernize the country’s payment ecosystem.
Developed and powered by NIBSS, the National Payment Stack is a next-generation payment infrastructure built to enhance speed, innovation, interoperability, and security. It is designed to handle instant, reliable, and high-volume payment processing while ensuring seamless integration across banks, fintechs, and other payment institutions.
According to NIBSS, the migration to this framework will ensure Nigeria’s continued compatibility with international payment systems, improve transparency, and strengthen the country’s digital public infrastructure — a key foundation for its growing digital economy.
NIBSS added that the National Payment Stack will eventually replace the long-standing NIBSS Instant Payment (NIP) platform, offering greater scalability, improved reliability, and a superior user experience.
NIBSS applauded PalmPay and Wema Bank for being the trailblazers in achieving the first live NPS transaction.
“As integration continues across the ecosystem, NIBSS encourages all Banks, Fintechs and other payment service providers to complete their onboarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians,” the organization stated.
NIBSS unveiled the National Payment Stack in June this year to revolutionise instant payment in the country.
The NPS builds on the legacy of NIBSS Instant Payments (NIP), which was built 14 years ago as Africa’s first real-time account-based digital payment solution.