Nigeria’s financial technology ecosystem has recorded a historic breakthrough as the first-ever live transaction on the National Payment Stack (NPS) was successfully executed between PalmPay and Wema Bank at 11:56 AM on Friday, November 7, 2025 — an event industry experts have hailed as a major leap forward for Africa’s digital payment evolution.
The seamless transaction, completed in milliseconds with instant settlement, marks the beginning of a new era of speed, security, and interoperability in Nigeria’s digital payment architecture. Developed and powered by the Nigeria Inter-Bank Settlement System (NIBSS), the NPS represents the most advanced phase of the country’s transition toward a unified and future-ready financial infrastructure.
Experts Applaud the Milestone as a Game-Changer for Financial Inclusion
Following the announcement, industry experts and stakeholders across the fintech and banking sectors have described the NPS launch as a defining milestone that will reshape Nigeria’s digital economy, enhance financial inclusion, and strengthen cross-border transaction efficiency.
According to Fintech Analyst and Payment Systems Consultant, Dr. Emmanuel Ajayi,
“The successful first transaction on the NPS proves that Nigeria is now at the frontier of payment innovation in Africa. This is not just a system upgrade — it’s a national infrastructure that will democratize access to digital finance and ensure no one is left behind.”
Similarly, Mrs. Funke Ojo, an economist and Head of Digital Strategy at FinEdge Consulting, noted that the NPS will create a seamless interoperability layer for all players in the financial ecosystem:
“The NPS bridges the gap between traditional banks, fintechs, and mobile money operators. Its ISO 20022 compliance means Nigeria is now aligned with global payment messaging standards, giving our economy a competitive edge in global trade and investment.”
Financial experts also believe that the system will reduce transaction costs, improve settlement reliability, and strengthen regulatory oversight through enhanced data transparency.
NPS: Redefining the Future of Digital Payments
The National Payment Stack (NPS) is a next-generation infrastructure built to power Nigeria’s Digital Public Infrastructure (DPI). Its design embodies speed, security, interoperability, and innovation, serving as the foundation for inclusive economic growth.
Key features of the NPS include:
- Speed: Real-time and high-volume transaction capability for instant payments.
- Interoperability: Unified integration across banks, fintechs, and payment institutions.
- Security: Multi-layer authentication and encrypted digital signatures.
- Cross-Border Capability: Facilitates regional and global payment connectivity.
- Innovation: Opens opportunities for the creation of new digital financial products and services.
Built on the ISO 20022 international standard for financial messaging, the NPS enhances data richness, compliance, and global compatibility, aligning with the Central Bank of Nigeria’s (CBN) directive for modernization of electronic payment systems. It will gradually replace the NIBSS Instant Payment (NIP) platform, offering improved scalability, transparency, and customer experience.
NIBSS CEO: “A Milestone in Nigeria’s Digital Transformation Journey”
During the media engagement held earlier in June 2025, Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, described the NPS as a strategic turning point in Nigeria’s financial evolution.
“The National Payment Stack is a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa,” he said.
He commended PalmPay and Wema Bank for pioneering the inaugural transaction, and extended gratitude to all financial institutions, fintech partners, and regulators for their collaboration in realizing this vision.
What Comes Next
NIBSS is now calling on banks, fintech firms, and payment service providers to complete integration with the NPS platform, ensuring faster, safer, and more inclusive digital payment experiences for all Nigerians.
As adoption scales across the ecosystem, analysts project that the NPS will boost Nigeria’s financial inclusion rate, deepen cashless transactions, and reinforce the nation’s reputation as a fintech innovation hub in Africa.
With this milestone, Nigeria signals to the world that it is ready to lead Africa’s next wave of digital financial transformation — one defined by efficiency, security, and true interoperability.
Congratulations, Nigeria! The future of payments has begun.
Nigeria records a groundbreaking moment as the first transaction on the National Payment Stack (NPS) is successfully completed between PalmPay and Wema Bank. Experts hail the system, powered by NIBSS, as a new era for financial inclusion, digital innovation, and cross-border payment efficiency.
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