PalmPay and Wema Bank Complete First Live Transaction on Nigeria’s National Payment Stack
2 min read
Nigeria’s fintech, PalmPay, and Wema Bank have completed the first live transaction on the Nigeria Inter-Bank Settlement System’s (NIBSS) newly launched National Payment Stack (NPS), marking a major milestone for the country’s digital payment ecosystem. The historic transaction, executed at 11:56 AM on November 7, 2025, was settled in milliseconds, signaling a new era of fast, secure, and inclusive financial transactions in Nigeria.
Developed and powered by NIBSS, the National Payment Stack is a next-generation payment infrastructure designed to unify and modernize the country’s digital payment system. The platform enhances speed, innovation, interoperability, and security, handling high-volume, instant transactions while integrating seamlessly across banks, fintechs, and other payment service providers.
The NPS incorporates advanced security features such as multi-factor authentication and digital signatures to safeguard customer data. It is built on the ISO 20022 international standard for financial messaging, ensuring interoperability, data richness, and compliance with global payment systems. This aligns with the Central Bank of Nigeria’s (CBN) directive for all electronic financial transactions to adopt the ISO 20022 standard.
According to NIBSS, the National Payment Stack will eventually replace the existing NIBSS Instant Payments (NIP) platform, offering greater scalability, reliability, and an improved user experience. The platform also includes cross-border capabilities, allowing Nigeria to expand its digital financial reach regionally and globally.
NIBSS commended PalmPay and Wema Bank for pioneering the first live transaction on the NPS and encouraged all banks, fintechs, and payment service providers to complete their onboarding. The organization emphasized that full adoption of the NPS would deliver faster, safer, and more inclusive digital payment experiences for Nigerians.
Premier Oiwoh, Managing Director of NIBSS, said the NPS was developed to drive digital payment innovation, enhance financial inclusion, and improve government social intervention and tax payment systems. He noted that with Nigeria’s goal of building a $1 trillion economy within eight years, modern payment infrastructure like the NPS is essential to stimulate growth and prepare the country for the future of digital finance.
The launch of the NPS builds on the legacy of the NIBSS Instant Payment (NIP) system, Africa’s first real-time, account-based digital payment solution introduced 14 years ago. The new platform is expected to accelerate the adoption of instant payments in Nigeria, improve transparency, and strengthen the nation’s digital financial infrastructure.
The successful transaction by PalmPay and Wema Bank underscores the robustness, scalability, and transformative potential of the NPS. As more institutions integrate into the system, Nigeria is poised to lead digital financial innovation in Africa, fostering a faster, safer, and more inclusive economy.
About The Author
