PalmPay and Wema Bank on November 7, 2025, executed the first live transaction on the newly launched National Payment Stack (NPS) by the Nigeria Inter-Bank Settlement System (NIBSS), heralding a new era in the digital payments landscape in Nigeria.
The transaction, completed at precisely 11:56 AM in milliseconds with instant settlement, showcased the speed, security, and efficiency promised by the NPS platform. Developed and powered by NIBSS, the NPS is designed to unify Nigeria’s payment ecosystem, bringing together banks, fintechs, and other payment institutions on a seamless, interoperable infrastructure.
Built on the globally recognized ISO 20022 financial messaging standard, the NPS not only ensures compatibility with international payment systems but also introduces advanced security features such as digital signatures and multi-factor authentication to safeguard customer data.
Additionally, it includes cross-border payment capabilities, positioning Nigeria to play a bigger role in regional and global financial markets. NIBSS is set to gradually phase out its long-standing NIBSS Instant Payment (NIP) platform that has operated for 14 years, replacing it with the more scalable and reliable NPS to improve user experiences across the country.
Premier Oiwoh, Managing Director of NIBSS, reiterated that the NPS aim to build a $1 trillion economy within eight years by providing a modern payment infrastructure that fuels innovation, financial inclusion, and effective government payments like social interventions and tax collections.
NIBSS has encouraged all banks and payment service providers in Nigeria to complete their integration with the NPS to realize faster, safer, and more inclusive digital transactions for Nigerians.
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