NIBSS Executes First Transaction on National Payment Stack

–        Marks Landmark Moment in Nigeria’s Fintech Evolution

–        New infrastructure delivers instant payments, seamless integration, cross-border capability

Nume Ekeghe

The Nigeria Inter-Bank Settlement System (NIBSS) has achieved a major milestone in the nation’s financial technology landscape with the successful execution of the first live transaction on the National Payment Stack (NPS), the next-generation infrastructure designed to unify and modernise Nigeria’s electronic payment ecosystem.

The transaction, completed at 11:56 a.m. on November 7, 2025, between PalmPay and Wema Bank, marks a defining moment for Nigeria’s digital payments industry.

Processed in milliseconds with instant settlement, it demonstrated the speed, scalability, and reliability of the NPS new engine powering seamless, secure, and inclusive financial transactions nationwide.

NIBSS in a statement noted it is built on the ISO 20022 international messaging standard, the system aligns with the Central Bank of Nigeria’s (CBN) directive to enhance data quality, regulatory transparency, and global compatibility.

This upgrade also lays the foundation for Nigeria’s emerging Digital Public Infrastructure (DPI), a critical driver of the country’s digital economy.

With advanced architecture, the NPS enables instant and reliable payment processing, seamless integration across banks and fintechs, enhanced data protection through digital signatures and multi-layer authentication, as well as cross-border capability for regional and international transactions.

It also opens new opportunities for innovation, allowing financial institutions to develop cutting-edge digital products and services.

Speaking during media rounds at the NPS launch in June 2025, Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, emphasised that, “The National Payment Stack is a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.” 

 He extended special recognition to PalmPay and Wema Bank for being the trailblazers of this achievement and to all participating financial institutions and partners for their continued collaboration and shared commitment in realizing this vision. 

 He added: “As integration continues across the ecosystem, NIBSS encourages all Banks, Fintechsand other payment service providers to complete their onboarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians.

“Together, we are building the future of payments, efficient, secure, and truly unified. Congratulations, Nigeria.”