PalmPay and Wema Bank complete Nigeria’s first live transaction on NIBSS National Payment Stack, signaling a new era in digital payments.
Nigerian fintech PalmPay and Wema Bank have completed the first live transaction on the Nigeria Inter-Bank Settlement System’s (NIBSS) National Payment Stack (NPS), marking a milestone for the country’s digital payment ecosystem.
The transaction, executed at 11:56 AM on Friday, November 7, 2025, was completed in milliseconds with instant settlement, NIBSS said. “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 organization added.
The NPS, unveiled in June, is a next-generation payment infrastructure built on the ISO 20022 international standard. According to NIBSS Managing Director Premier Oiwoh, the platform aims to “drive digital payment innovation, deepen financial inclusion, and improve government social intervention payments, tax payments, and revenue collection,” preparing Nigeria for its $1 trillion economy goal.