November 10, (THEWILL) — Approximately five months following the launch of the National Payment Stack (NPS) by the Nigeria Inter-Bank Settlement System (NIBSS) in June 2025, this innovative digital payment infrastructure has achieved its inaugural successful transaction – a significant milestone for Nigeria’s payment sector.
In a statement released on Sunday, November 9, 2025, NIBSS announced that the Nigerian fintech company, PalmPay, in collaboration with a Tier-2 deposit money bank – Wema Bank, has successfully completed the first live transaction on the newly introduced NPS, marking a pivotal moment for the nation’s digital payment landscape.
According to the announcement from NIBSS, the landmark transaction took place precisely at 11:56 AM on Friday, November 7, 2025, and was finalised in mere milliseconds with immediate settlement, a remarkable achievement that heralds the beginning of a new era characterised by seamless, secure, and inclusive financial transactions in Nigeria.
NIBSS emphasised that this accomplishment highlights the strength and scalability of the NPS, a national framework aimed at unifying and modernising the country’s payment ecosystem.
In further detail, NIBSS explained that the NPS was developed as a next-generation payment infrastructure, reflecting NIBSS’s dedication to speed, innovation, interoperability, and security; all essential components in bolstering Nigeria’s rapidly expanding digital economy.
Constructed on an advanced architecture, NIBSS explained that the NPS facilitates:
- Speed: Instant, dependable, and high-volume payment processing.
- Interoperability: Smooth integration among banks, fintechs, and other payment entities.
- Security: Enhanced with digital signatures and multi-layer authentication for superior data protection.
- Cross-Border Capability: Expanding Nigeria’s presence in regional and international transactions.
- Innovation: Allowing for the development of new financial products and digital services for individuals and businesses.
Additionally, it noted, “The National Payment Stack (NPS) is 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.”
Designed with interoperability as a fundamental principle, the NPS facilitates the modernisation of payment systems and promotes economic inclusion by providing enhanced data, greater transparency, and comprehensive traceability throughout the financial ecosystem.
Delighted by the recent successful transaction on the platform, the NIBSS offers special acknowledgment to PalmPay and Wema Bank for leading this accomplishment, as well as to all participating financial institutions and partners for their ongoing collaboration and shared dedication to achieving this vision. “As integration continues across the ecosystem, NIBSS encourages all Banks, Fintechs and other payment service providers to complete their onboarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians. “Together, we are building the future of payments – efficient, secure, and truly unified. Congratulations, Nigeria!”
This development confirms that the NPS is poised to transform Nigeria’s digital landscape towards the aspirational $1 trillion economy by 2023. The NIBSS’ new payment initiative will also provide a boost to the National Digital Trustmark (NDTM) project recently initiated by the Federal Government, aimed at reinforcing the nation’s digital economy.
The NDTM initiative, created by the National Information Technology Development Agency (NITDA) under the oversight of the Federal Ministry of Communications, Innovation, and Digital Economy, seeks to establish trust, transparency, and accountability within Nigeria’s growing online marketplace.
Authorities are optimistic that this initiative will support the government’s long-term objective of enhancing digital inclusion, allowing more small and medium enterprises (SMEs) to flourish online while ensuring adherence to national ICT regulations. Nevertheless, experts assert that NIBSS is vital in enhancing Nigeria’s digital economy and promoting financial inclusion, particularly driven by fintechs, as evidenced this year.
“The success of Nigeria’s digital economy initiative relies on the role of NIBSS, which is tasked with developing the necessary infrastructure to meet this goal,” stated Engr Mike Akanor, a fintech specialist.
It has been observed that Nigeria’s electronic payment sector maintained its robust upward trajectory in July 2025, with total digital transactions amounting to N384 trillion, based on new data released by the Central Bank of Nigeria (CBN).
This figure signifies one of the highest monthly transaction values ever documented and represents a significant increase from the N280 trillion recorded in August 2024, highlighting the growing dependence on digital channels for personal, commercial, and governmental transactions.
Data from the central bank indicated that 4.12 billion transactions were executed across various platforms in July alone — an increase from 3.9 billion during the same timeframe last year. During the Nigeria Fintech Week 2025 held in Abuja in October 2025, CBN Governor Olayemi Cardoso credited the growth to ongoing reforms in the payment system, heightened consumer confidence, and enhanced fintech innovation.
“The increase in electronic transactions illustrates Nigeria’s shift towards a digitally inclusive economy,” Cardoso remarked, adding, “Our regulatory reforms continue to bolster trust, security, and accessibility across payment channels.”
He emphasised that the central bank is dedicated to supporting the fintech sector through policies that ensure a secure, competitive, and efficient payment environment capable of meeting the demands of a contemporary digital economy.
Industry analysts observe that this surge reflects a wider behavioral change among Nigerians, who are increasingly opting for the convenience, speed, and accessibility provided by digital finance platforms. The extensive adoption of mobile banking applications, POS terminals, and financial technology solutions has further contributed to this trend.
Data from NIBSS indicates that the value of instant payment transactions has experienced significant growth over the past five years, supported by advancements in digital infrastructure and more dependable transaction networks.
A report from the Fintech Association of Nigeria (FintechNGR) in March 2025, states that fintech companies continue to be the foundation of Nigeria’s transition to a cashless economy, providing affordable, real-time financial services to millions, including individuals in the informal sector.
Services like Opay, Moniepoint, PalmPay, and Paga have broadened digital access for traders, artisans, and transport workers who were previously marginalized by the conventional banking system. The association highlighted that the swift growth of agency banking networks, mobile money agents, and interoperable wallets has played a crucial role in closing the financial gap between urban and rural areas, significantly aiding transaction growth and promoting financial inclusion.
Through collaborations with the NIBSS, the central bank has enhanced real-time gross settlement systems and payment infrastructures, lowered failure rates, and increased public confidence.
Improvements in cybersecurity and stricter compliance regulations have also bolstered trust among users and businesses, ensuring that the rise in digital payments is both secure and sustainable. The ongoing growth in digital transactions has significant implications for fiscal transparency, financial inclusion, and the efficiency of policies.
Analysts observe that as a greater number of payments transition online, tracking liquidity flows becomes simpler, thereby enhancing government oversight and improving the efficiency of revenue collection and the implementation of monetary policy.
The N384 trillion figure contributes to an estimated N2 quadrillion in cumulative electronic transactions recorded in the first half of 2025, positioning Nigeria as one of Africa’s foremost digital economies.
Looking forward, experts anticipate that continued investment in fintech infrastructure, enhanced connectivity, and consumer education will sustain the upward trend in e-payment volumes.
Anticipating future developments, specialists forecast that ongoing investment in fintech infrastructure, enhanced connectivity, and consumer education will sustain the growth of e-payment volumes throughout the year.
As digital payments become integral to commerce and financial inclusion, Nigeria’s shift towards a cashless economy is making significant progress. With regulators, banks, and fintech innovators working more closely together, the country seems poised to emerge as one of Africa’s most robust and vibrant digital payment centers.
NIBSS is the transformative force.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
