PalmPay Executes Nigeria’s First Live Transaction On National Payment Stack

Nigeria’s digital banking platform, PalmPay, in collaboration with Wema Bank, completed the first live transaction on the Nigeria Inter-bank Settlement System (NIBSS) National Payment Stack (NPS), a next-generation infrastructure designed to redefine how money moves across the country.

The first live transaction, which happened at exactly 11:56 am on Friday, November 7, 2025, marks a new era in Nigeria’s financial innovation journey and reinforces PalmPay’s role as a trusted pioneer in the payment ecosystem.

The National Payment Stack (NPS), powered by NIBSS, builds on the success of the NIP infrastructure, introducing greater speed, interoperability and real-time settlement across the financial ecosystem.

Designed to meet international standards, NPS enhances cross-border payment capabilities while introducing more advanced security features, including digital signatures and multi-factor authentication to safeguard users and institutions.

Beyond its technical advancements, the National Payment Stack (NPS) sets a new benchmark for Nigeria’s leadership in Africa’s finance landscape. Through the ISO 20022 global messaging standards, Nigeria is now positioned as a regional hub for seamless and secure cross-border transactions.

Commenting on the landmark achievement, the managing director/chief executive officer of the NIBSS, Premier Oiwoh, said: “We commend PalmPay for this historic achievement as one of the key collaborators in executing the first successful transaction on the National Payment Stack (NPS). This milestone reflects our shared commitment to advancing a faster, safer and more interoperable payment ecosystem for Nigeria.”

Also speaking, the group chief commercial officer at PalmPay, Jaipei Yan, stated that, “This achievement is a win for Nigeria and Nigerians. PalmPay is all about providing smarter banking solutions. Since our launch six years ago, we have focused on bridging the gap between innovation and everyday financial inclusion. It was an absolute delight to work with NIBSS and other stakeholders on this remarkable milestone.”

By pioneering this milestone, PalmPay said, it not only strengthens its credibility but also reinforces its alignment with the Central Bank of Nigeria’s drive toward a digital, connected economy.

Looking ahead, PalmPay aims to accelerate its vision of a connected, digital, and financially inclusive Africa, combining global standards with local relevance to build technology that truly empowers people and businesses.