Nigeria has reached a significant milestone in its journey toward modernizing its financial infrastructure as the country successfully completed the first live transaction on the National Payment Stack (NPS). The transaction, which took place on Friday, November 7, 2025, at 11:56 a.m., was executed between PalmPay and Wema Bank under the coordination of the Nigeria Inter-Bank Settlement System (NIBSS).
The successful transaction marks a new chapter in Nigeria’s financial technology evolution. It demonstrated the robustness, speed, and efficiency of the new payment infrastructure, with instant settlement recorded within milliseconds. This breakthrough positions Nigeria at the forefront of digital payment innovation in Africa and aligns its financial system with international best practices.
The National Payment Stack is built on the ISO 20022 global messaging standard, ensuring interoperability, enhanced data quality, and seamless integration across financial institutions. It is designed to improve payment processing, support innovation, and strengthen confidence in the country’s digital economy.
Speaking on the achievement, representatives from NIBSS reaffirmed their commitment to driving financial inclusion, deepening payment innovation, and ensuring that the new system supports both traditional banks and fintech operators.
With this development, Nigeria’s payment ecosystem takes a major leap forward, setting the pace for faster, more reliable, and globally compliant financial transactions that will serve citizens, businesses, and government institutions alike.
