Nigeria’s digital payments landscape has entered a new era with the successful execution of the first live transaction on the National Payment Stack (NPS), a landmark moment that signals the nation’s transition to a modern and globally aligned financial infrastructure.
The breakthrough transaction, carried out between PalmPay and Wema Bank at exactly 11:56 a.m. on Friday, November 7, 2025, was processed within milliseconds and settled instantly, marking the official debut of Nigeria’s next-generation payment rail.
Developed by the Nigeria Inter-Bank Settlement System (NIBSS), the NPS is designed to eventually replace the long-standing NIBSS Instant Payment (NIP) platform. The upgrade brings the country into compliance with the ISO 20022 global financial messaging standard, a Central Bank of Nigeria (CBN) mandate that enhances interoperability, improves regulatory transparency, and supports richer, structured transaction data.
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Speaking to Fintechinsights, Premier Oiwoh, managing director and CEO of NIBSS, described the accomplishment as “a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.”
NIBSS also hailed PalmPay and Wema Bank as “trailblazers” for powering the first-ever live transaction on the new infrastructure.
With the system now active, industry analysts say Nigeria has officially commenced its shift into a more open, efficient, and globally competitive digital payments future.
However, stakeholders caution that the transition must be gradual. Ramon Bello, general manager of Paga Engine, noted that the migration to ISO 20022 impacts “everything from phone transfers to POS payments,” stressing the need for a phased rollout to maintain system stability.
Beyond speed, accuracy, and efficiency, the NPS is expected to deepen financial inclusion by granting fintechs direct access to national payments infrastructure, a significant evolution from the previously bank-dominated structure. With more than 38 million Nigerian adults still unbanked, experts believe the reform could unlock wider access to digital financial services nationwide.
The platform is also built for multi-currency support and cross-border transactions, positioning Nigeria for smoother regional and international payment flows.
Consumers and merchants stand to benefit from faster transfers, clearer transaction descriptions, better dispute resolution, and payment-purpose tagging, all key features of the new architecture. Its multi-rail design effectively connects banks, fintechs, and mobile money operators, ensuring a future-ready and unified ecosystem.
Commenting on the broader impact, technology founder and product strategist Shalom Bamigboye described the NPS as a transformative opportunity for Nigeria’s payments landscape and a catalyst for the country’s journey toward full Open Banking. He also highlighted the importance of innovation ecosystems, including the rising Ilorin Innovation Hub in Kwara State, in nurturing the next generation of fintech solutions.
Bamigboye emphasized the role of narrative thinking in modern product development, insisting that digital products should be approached as characters with unique identities and purposes.
