In a groundbreaking development for Nigeria's financial technology landscape, PalmPay has successfully executed the country's first live transaction on the newly launched National Payment Stack (NPS). This historic achievement represents a significant leap forward in the evolution of Nigeria's digital payment infrastructure.
A Historic Moment for Nigerian Banking
The milestone transaction occurred at exactly 11:56 a.m. on Friday, November 7, 2025, conducted in partnership with Wema Bank. This marks the very first real-time payment processed through the NPS system, which has been developed by the Nigeria Inter-bank Settlement System (NIBSS) as a next-generation platform to revolutionize financial transactions across the country.
The National Payment Stack builds upon the foundation of the existing NIP platform but introduces enhanced capabilities that promise to transform how Nigerians conduct financial transactions. The system is designed to provide improved real-time settlement features while maintaining full compliance with international security and messaging standards.
Enhanced Security and Global Standards
The new payment infrastructure incorporates several advanced security features that position Nigeria as a regional leader in secure digital transactions. Among these features are:
- Digital signatures for enhanced authentication
- Multi-factor authentication protocols
- ISO 20022-compliant messaging standards
These security measures are expected to significantly elevate Nigeria's status as a hub for secure and seamless cross-border transactions within the African region and beyond.
Industry Leaders Celebrate Achievement
Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS, praised the development as a collective victory for the entire financial industry. He commended PalmPay for their role as key collaborators in achieving this historic milestone, emphasizing that it reflects the shared commitment among stakeholders to advance a faster, safer, and more interoperable payment ecosystem for Nigeria.
Mr. Oiwoh described the NPS as representing "the next frontier of innovation designed to power inclusion, efficiency and growth across the financial industry" and expressed optimism that more financial institutions would soon join the platform.
From PalmPay's perspective, Jaipei Yan, Group Chief Commercial Officer, characterized the success as "a win for Nigeria and Nigerians". He highlighted the company's continued focus on bridging the gap between technological innovation and everyday financial inclusion, noting the absolute delight of working with NIBSS and other stakeholders to achieve this remarkable milestone.
Strengthening PalmPay's Market Position
This achievement further solidifies PalmPay's reputation as a key driver of fintech advancement in Nigeria. The company has recently received multiple recognitions that underscore its growing influence in the financial technology space, including:
- Being named in Financial Times Africa's Fastest-Growing Companies 2025
- Placement on the CNBC and Statista Top 300 Global Fintech Companies list for both 2024 and 2025
The successful execution of the first NPS transaction also deepens PalmPay's alignment with the Central Bank of Nigeria's strategic drive toward a fully digital and connected economy. The company has reaffirmed its commitment to accelerating financial inclusion across Africa by combining global technological standards with local market insights to develop solutions that empower both individuals and businesses.
This breakthrough transaction signals the beginning of a new era for digital payments in Nigeria, promising enhanced speed, improved interoperability, and stronger security measures that will benefit consumers, businesses, and the entire financial ecosystem.
