Nigeria Records First Successful Transaction On National Payment Stack– Inter-Bank Settlement System

Nigeria’s financial technology landscape has achieved another breakthrough with the successful completion of the first live transaction on the National Payment Stack (NPS), a development the Nigeria Inter-Bank Settlement System (NIBSS) described as a “major leap forward” in the nation’s digital economy journey.

The milestone transaction, executed between PalmPay and Wema Bank at exactly 11:56 a.m. on Friday, November 7, 2025, marks the official commencement of live operations on the NPS, which is a next-generation payment infrastructure designed to unify, secure, and modernise digital transactions across all financial institutions.

According to NIBSS, the transaction was completed in milliseconds with instant settlement, demonstrating the platform’s robustness, scalability, and transformative capacity.

Described as a new engine powering Nigeria’s payment innovation, the National Payment Stack is built on the ISO 20022 international standard for financial messaging, which enhances interoperability, data richness, and regulatory compliance. It is expected to replace the current NIBSS Instant Payment (NIP) platform, delivering superior speed, security, and inclusivity.

Highlighting the significance of the achievement, the managing director/chief executive officer of NIBSS, Mr Premier Oiwoh, said the development represented “a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.”

The NPS, he explained, was developed as a next-generation infrastructure anchored on five critical pillars: speed, interoperability, security, cross-border capability, and innovation. Under the new system, payments can be processed instantly and reliably across banks, fintechs, and other licensed financial institutions, with multi-layer authentication and digital signatures ensuring the highest standards of data protection.

NIBSS noted that the NPS is central to the Central Bank of Nigeria’s directive mandating the adoption of ISO 20022 for all electronic financial transactions, a move aimed at aligning Nigeria’s payment systems with global standards.

In a statement issued on Sunday, it also extended recognition to PalmPay and Wema Bank for pioneering the first transaction on the new platform, describing them as “trailblazers” in the implementation of the system.

“As integration continues across the ecosystem, we encourage 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.” NIBSS said.