Nigeria's financial landscape has entered a transformative phase with the successful launch of the National Payment Stack (NPS), marking a significant advancement in the country's digital payment infrastructure.
Historic First Transaction Completed
The inaugural live payment on Nigeria's National Payment Stack was successfully executed over the weekend, creating a new benchmark for financial transactions in Africa's largest economy. According to official records, this groundbreaking transaction occurred on Friday, November 7, 2025, at exactly 11:56 a.m., between two key players in the Nigerian financial sector.
Wema Bank and PalmPay made history by completing the first-ever transaction on this next-generation payment platform. The most remarkable aspect of this transaction was its incredible speed - the entire payment process was finalized in mere milliseconds, demonstrating the system's unprecedented processing capabilities.
Next-Generation Payment Infrastructure
The National Payment Stack represents a major upgrade from the existing NIBSS Instant Payment platform, which has served as the backbone of Nigeria's electronic payment system for years. Developed by the Nigeria Inter-Bank Settlement System (NIBSS), the NPS is designed to unify, modernize, and future-proof the country's digital payment ecosystem.
This advanced payment infrastructure embodies NIBSS's commitment to four critical pillars: speed, innovation, interoperability, and security. These elements are considered essential for supporting Nigeria's rapidly expanding digital economy and meeting the growing demands of consumers and businesses alike.
The system's capabilities extend beyond basic transactions. NIBSS emphasized that the NPS enables instant, high-volume processing while maintaining seamless integration across various financial institutions including traditional banks and emerging fintech companies.
Enhanced Security and Global Standards
Security remains a paramount concern in the new payment system. The National Payment Stack incorporates robust security measures including digital signatures and multi-layer authentication protocols to protect users against fraud and unauthorized access.
Notably, the platform is built on the ISO 20022 international standard for financial messaging, aligning Nigeria's payment ecosystem with global best practices. This strategic move ensures greater transparency, regulatory compliance, and compatibility with international payment systems.
The implementation of this global standard also facilitates cross-border payment capabilities, potentially simplifying international transactions for Nigerian businesses and individuals while positioning the country as a leader in digital financial services across Africa.
Foundation for Digital Economy Growth
Beyond immediate transaction benefits, the National Payment Stack serves as a crucial building block for Nigeria's Digital Public Infrastructure. This infrastructure is recognized as a key enabler for the nation's digital economy, supporting innovative financial products and digital services for both individual consumers and business entities.
During the initial launch of the NPS in June 2025, NIBSS Managing Director and CEO, Premier Oiwoh, described the National Payment Stack as a major step toward simplifying payments, promoting financial inclusion, and establishing Nigeria as a leader in digital transformation across the African continent.
NIBSS has officially commended PalmPay and Wema Bank for their pioneering role in executing the first live transaction. The settlement system has encouraged all banks, fintech companies, and payment service providers to fully integrate with the NPS to deliver faster, more secure, and more inclusive digital payment services nationwide.
This development comes as NIBSS continues to push for broader compliance with regulatory requirements, having recently reminded financial institutions to submit customer account details to the Industry Customer Account Database (ICAD) as directed by the Central Bank of Nigeria.
