November 09, (THEWILL) — The National Payment Stack (NPS), developed by the Nigeria Inter-Bank Settlement System (NIBSS), has successfully completed its first live transaction at 11:56 a.m. on Friday, November 7, 2025.
The National Payment Stack is designed to unify and streamline payment operations across banks, fintechs, and other financial service providers, enabling instant, secure, and interoperable transactions on a single digital framework.
The new infrastructure is expected to significantly improve transaction speed through near-instant processing while strengthening security using advanced digital signatures and authentication systems. It also enhances interoperability, allowing seamless integration among banks, fintechs, and regional financial institutions.
The system supports cross-border payments, creating opportunities for increased regional and international trade, and is positioned to drive innovation by enabling the next generation of digital payment products and financial services.
In a statement, NIBSS acknowledged PalmPay and Wema Bank as the first institutions to successfully initiate and complete a transaction on the platform, describing them as “trailblazers.” The organisation also thanked its industry partners for their collaboration throughout the project.
“We look forward to all financial service providers integrating into NPS to deliver faster, safer, and more inclusive digital payments for Nigerians. Together, we are building the future of payments — efficient, secure, and truly unified,” the NIBSS team said.
The launch of the National Payment Stack forms part of Nigeria’s broader strategy to modernise its financial system, strengthen digital inclusion, and reinforce the country’s position as a leading fintech hub in Africa.
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