Nigeria Makes History with First Live Transaction on New Payment Stack

Nigeria has officially recorded its first live transaction on the National Payment Stack (NPS) — a landmark step that could reshape how digital payments work across the country. The historic transfer took place at exactly 11:56 a.m. on Friday, 7 November 2025, between PalmPay and Wema Bank, and was completed in milliseconds.

The successful test, confirmed by the Nigeria Inter-Bank Settlement System (NIBSS), marks a defining moment in the nation’s push to modernise its financial infrastructure. Built to replace the long-standing NIBSS Instant Payment (NIP) platform, the NPS introduces faster transactions, stronger security, and improved interoperability across banks, fintechs, and other payment providers.

A New Foundation for Nigeria’s Digital Economy

Developed under the ISO 20022 global messaging standard, the National Payment Stack brings Nigeria payment systems in line with international benchmarks. It supports multiple layers of authentication, offers built-in data protection, and is capable of handling cross-border payments — a critical step for the country’s integration into the global digital economy.

According to Premier Oiwoh, Managing Director and CEO of NIBSS, the milestone symbolises Nigeria’s steady rise as a leader in financial technology innovation. “This is a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa,” he said.

Banks and Fintechs Begin Integration

Following the first live transaction, NIBSS commended PalmPay and Wema Bank for being the first institutions to process payments on the new system, describing them as “trailblazers in Nigeria digital finance evolution.”

As more banks, fintech startups, and payment service providers begin connecting to the NPS, users are expected to experience faster transfers, safer transactions, and smoother integration between platforms.