In a landmark achievement for Nigeria’s digital economy, PalmPay, in collaboration with Wema Bank, completed the first live transaction on the National Payment Stack (NPS), powered by the Nigeria Inter-bank Settlement System (NIBSS). The NPS is a next-generation payment infrastructure designed for real-time, interoperable, and secure financial transactions across Nigeria.

The milestone underscores PalmPay’s role as a fintech pioneer in driving financial inclusion and innovation. The company has recently been recognized globally, including as Financial Times Africa’s Fastest-Growing Company 2025 and among CNBC and Statista’s Top 300 Global Fintech Companies in 2024 and 2025.

Key features of NPS include:

• Real-time settlement and interoperability across financial institutions
• Advanced security measures such as digital signatures and multi-factor authentication
• Compliance with ISO 20022 global messaging standards, enhancing cross-border payment capabilities

Comments from stakeholders:

• Premier Oiwoh, MD/CEO of NIBSS, hailed the achievement as a step toward a faster, safer, and more inclusive payment ecosystem.
• Jaipei Yan, PalmPay’s Group CCO, described it as a “win for Nigeria and Nigerians,” emphasizing the company’s commitment to financial inclusion and smarter banking solutions.

PalmPay’s pioneering transaction strengthens its credibility, aligns with the CBN’s digital economy agenda, and positions Nigeria as a regional hub for seamless and secure payments. The company aims to continue driving a connected, digital, and financially inclusive Africa.