Transfers in Milliseconds: National Payment Stack Launches in Nigeria
- The first live payment on Nigeria’s National Payment Stack (NPS) was successful over the weekend
- The transaction was between PalmPay and Wema Bank, which was completed in milliseconds
- The new NPS replaces the NIBSS Instant Payment platform, offering speed, high-volume processing
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's digital payment has taken another leap with the successful completion of the first live transaction on the National Payment Stack (NPS), the next-generation infrastructure set to replace the NIBSS Instant Payment platform.
Source: UGC
Wema, Palmpay make history
According to a statement from the Nigeria Inter-Bank Settlement System (NIBSS), the historic transaction took place on Friday, November 7, 2025, at exactly 11:56 a.m., between PalmPay and Wema Bank.
The payment was completed in milliseconds, demonstrating the speed, scalability, and reliability of the new system.
NIBSS said that the NPS, which builds on the legacy of NIBSS Instant Payments, is designed to unify, modernise, and future-proof Nigeria’s digital payments.
It embodies NIBSS’s commitment to speed, innovation, interoperability, and security, critical pillars for supporting the nation’s growing digital economy.
NIBSS said in its statement:
“Developed as a next-generation payment infrastructure, NPS enables instant, high-volume processing, seamless integration across banks and fintechs, robust security with digital signatures and multi-layer authentication, and cross-border capabilities.”
“It also provides a foundation for innovative financial products and digital services for both individuals and businesses.”
Source: Getty Images
Big boost for Nigeria's digital payment
Built on the ISO 20022 international standard for financial messaging, NIBSS said the NPS aligns Nigeria’s payment ecosystem with global practices, ensuring transparency, regulatory compliance, and compatibility with international systems, Punch reports.
This strategic migration also lays the groundwork for the country’s Digital Public Infrastructure, a key enabler of the nation’s digital economy.
During the NPS launch in June 2025, NIBSS Managing Director and CEO, Premier Oiwoh, described the National Payment Stack as a major step toward simplifying payments, promoting financial inclusion, and establishing Nigeria as a leader in digital transformation across Africa.
NIBSS also commended PalmPay and Wema Bank for executing the first live transaction and encouraged all banks, fintechs, and payment service providers to fully integrate with the NPS to deliver faster, more secure, and more inclusive digital payment services nationwide.
NIBSS message to banks
Earlier, Legit.ng reported that the Nigeria Inter-Bank Settlement System (NIBSS) has once again urged banks and other financial institutions to submit their customers' account details to the Industry Customer Account Database (ICAD), as directed by the Central Bank of Nigeria (CBN).
In a statement, NIBSS emphasised the importance of adhering to the CBN's directive contained in an earlier circular with reference number BKS/DIR/GEN/CIR/06/001.
The reminder underscored the need for compliance with the CBN's regulations aimed at enhancing the efficiency of the ICAD system.
The statement outlined the requirements for financial institutions, stating that all Deposit Money Banks(DMDs), microfinance banks, and other regulated entities are mandated to submit account details to NIBSS within 24 hours of generating a new account number.
Source: Legit.ng
