The Nigeria Inter-Bank Settlement System Plc (NIBSS) says it has completed the first live transaction on the national payment stack (NPS).
On June 17, 2025, the NIBSS unveiled the national payment
stack — a next-generation payment infrastructure designed to transform
Nigeria’s instant payment ecosystem and redefine the future of digital
transactions.
The NPS is expected to replace the current NIBSS Instant
Payment (NIP) platform, “offering enhanced value, scalability, and a superior
customer experience across the payment ecosystem”.
Speaking in a statement dated November 7, the NIBSS said the
transaction took place on Friday at exactly 11:56 am between PalmPay and Wema
Bank, marking what it described as “the dawn of a new era of seamless, secure
and inclusive financial transactions”.
The NIBSS said the milestone represents a major leap forward
in the evolution of the country’s payment ecosystem.
“Completed in milliseconds with instant settlement, it
demonstrates the robustness, scalability and transformative potential of the
NPS – a national infrastructure powered by the Nigeria Inter-Bank Settlement
System (NIBSS) to unify, modernize and future-proof digital payments in
Nigeria,” the NIBSS said.
NIBSS said the NPS, “developed as a next-generation payment
infrastructure”, reflects its commitment to speed, innovation, interoperability
and security — crucial pillars in supporting Nigeria’s fast-growing digital
economy.
The settlement system described the payment infrastructure
as the new engine driving Nigeria’s next phase of payment innovation.
“Built on the ISO 20022 international standard for financial
messaging, this global framework enhances data richness, interoperability, and
regulatory compliance; aligning Nigeria’s payment infrastructure with the
Central Bank of Nigeria’s (CBN) directive mandating ISO 20022 adoption for all
electronic financial transactions,” the statement further reads.
“This strategic migration ensures continued compatibility
with international systems, promotes greater transparency, and establishes the
payments foundation for the development of Nigeria’s Digital Public
Infrastructure (DPI), which is a critical enabler of our Nation’s digital
economy.”
The NIBSS commended PalmPay and Wema Bank for pioneering the
achievement and appreciated all participating financial institutions and
partners for their collaboration and shared commitment to achieving the
initiative’s vision.
The company also urged banks, fintechs, and other payment
service providers to complete their onboarding to the NPS to enable faster,
safer, and inclusive digital payment experiences for Nigerians.
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