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NIBSS Completes First-Ever Transaction on National Payment Stack
The Nigeria Inter-Bank Settlement System (NIBSS) has achieved a historic breakthrough with the first successful live transaction on the National Payment Stack (NPS). The transaction, completed on Friday, November 7, 2025 at 11:56 a.m., signals the beginning of a new era of faster, more secure, and more inclusive financial transactions in Nigeria.
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According to Lilian Phido, Head of Corporate Communications at NIBSS, the pioneering transaction between PalmPay and Wema Bank is a new era. It marks a significant leap in the evolution of Nigeria’s digital payment infrastructure.
A Millisecond Transaction that Signals the Future
Phido described the instant settlement completed in milliseconds as proof of its robustness and scalability., and transformative potential of the National Payment Stack.
She explained that the NPS was developed as a next-generation national payment infrastructure, engineered to unify and future-proof Nigeria’s digital financial ecosystem. Its architecture is designed to support:
- Speed: High-volume, real-time transactions
- Interoperability: Seamless integration across banks, fintechs, and payment institutions
- Security: Digital signatures, encryption, and multi-layer authentication
- Cross-border readiness: Enabling regional and global transactions
- Innovation: Allowing new digital products, services, and fintech solutions
NPS Built on Global ISO 20022 Standards
NIBSS highlighted that the National Payment Stack is built on the globally recognised ISO 20022 financial messaging standard. This aligns with the Central Bank of Nigeria’s directive requiring ISO 20022 compliance for all electronic transactions.
This shift enhances:
- Data richness
- Interoperability
- Regulatory compliance
- Compatibility with international financial systems
The NPS will ultimately replace the current NIBSS Instant Payment (NIP) platform, offering greater scalability, operational stability, and customer experience enhancements across the financial sector.
NIBSS: “We Are Building the Future of Payments”
Speaking earlier in June 2025 during the NPS unveiling, Mr. Premier Oiwoh, Managing Director/CEO of NIBSS, described the platform as a landmark achievement in Nigeria’s quest to simplify payments, deepen financial inclusion, and strengthen Africa’s digital transformation.
He commended PalmPay and Wema Bank for being the first to complete a live transaction on the platform and acknowledged financial institutions and ecosystem partners for their collaboration.
Oiwoh encouraged all banks, fintechs, and payment service providers to complete their integration onto the NPS, emphasising that the platform is designed to deliver:
- Faster payments
- Safer transactions
- A unified and inclusive digital payment experience for Nigerians
Why the First NPS Transaction Matters
Experts describe the successful live transaction as a pivotal milestone for Nigeria’s financial sector, unlocking a wave of opportunities for:
- Digital public infrastructure
- Cross-border payments
- Fintech innovation
- Real-time commerce
- Enhanced customer confidence
The National Payment Stack is positioned to become the backbone of Nigeria’s modern financial sector—efficient, future-ready, and globally aligned.
