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Nigerian fintech company PalmPay and Wema Bank have successfully conducted the inaugural live transaction on the Nigeria Inter-Bank Settlement System’s (NIBSS) newly introduced National Payment Stack (NPS), signifying a pivotal advancement for the nation’s digital payment landscape.
According to the NIBSS, the momentous transaction occurred precisely at 11:56 AM on Friday, November 7, 2025, and was finalised in milliseconds with immediate settlement, marking the commencement of a new era characterised by seamless, secure, and inclusive financial transactions in Nigeria.
NIBSS highlighted that this achievement underscores the strength and scalability of the NPS, which serves as a national infrastructure to unify and modernise the country’s payment landscape.
Developed and powered by NIBSS, the National Payment Stack represents a state-of-the-art payment infrastructure intended to enhance speed, innovation, interoperability, and security. It is designed to manage instant, reliable, and high-volume payment transactions while ensuring smooth integration among banks, fintech companies, and other payment entities.
According to NIBSS, transitioning to this framework will ensure that Nigeria remains compatible with global payment systems, enhance transparency, and strengthen the nation’s digital public infrastructure — a critical component of its expanding digital economy.
NIBSS noted that the National Payment Stack will ultimately supersede the long-established NIBSS Instant Payment (NIP) platform, delivering greater scalability, enhanced reliability, and an improved user experience.
As integration continues across the ecosystem, NIBSS encourages 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,” the organisation stated.
NIBSS introduced the National Payment Stack in June of this year to transform instant payments within the country. The NPS builds on the legacy of NIBSS Instant Payments (NIP), established 14 years ago as Africa’s pioneering real-time account-based digital payment solutions.
