The National Payment Stack (NPS) has successfully executed its first transaction between a commercial bank and a fintech company, marking a major milestone in Nigeria’s digital payment landscape.

The transaction, carried out between PalmPay and Wema Bank on Friday, November 7, at 11:56 a.m., was completed in milliseconds with instant settlement, highlighting the speed, reliability, and scalability of the new national payment infrastructure.

Managed by the Nigeria Inter-Bank Settlement System (NIBSS), the NPS is designed to unify, modernize, and future-proof digital payments across Nigeria. Built on the ISO 20022 international standard for financial messaging, the system enhances interoperability, data richness, regulatory compliance, and aligns with the Central Bank of Nigeria’s directive on modernizing electronic financial transactions.

“The NPS is the new engine driving Nigeria’s next phase of payment innovation,” said Mr. Premier Oiwoh, Managing Director of NIBSS. “It simplifies payments, fosters financial inclusion, and positions Nigeria at the forefront of digital transformation in Africa.”

Key benefits of the NPS include:

• Instant, high-volume payment processing
• Seamless integration across banks, fintechs, and payment institutions
• Enhanced security and transparency

The NPS is set to replace the current NIBSS Instant Payment (NIP) platform, providing greater value, scalability, and an improved customer experience.

NIBSS commended PalmPay and Wema Bank as trailblazers and encouraged all financial institutions and payment service providers to complete their onboarding to the NPS, reinforcing the drive toward a faster, safer, and more inclusive digital payment ecosystem.