PalmPay Performs The First Ever Live Transaction On The NIBSS National Payment Stack (NPS)

PalmPay Performs The First Ever Live Transaction On The NIBSS National Payment Stack (NPS)

PalmPay, one of Nigeria’s most influential digital banking platforms, has strengthened its leadership position by completing the first-ever live transaction on the NIBSS National Payment Stack (NPS). The landmark event, carried out in collaboration with Wema Bank, signals a major advancement in the country’s transition toward a fully digitized and future-ready financial ecosystem.

The breakthrough transaction took place at 11:56 am on Friday, November 7, 2025, marking a transformative moment in Nigeria’s payment innovation journey and reinforcing PalmPay’s status as a trusted disruptor in the fintech space.

This milestone follows a series of recent global accolades, including recognition as Financial Times Africa’s Fastest-Growing Companies 2025 and inclusion in CNBC and Statista’s Top 300 Global Fintech Companies for both 2024 and 2025 — highlighting PalmPay’s scale, impact, and dedication to financial inclusion across emerging markets.

A transformative step for the future of payment systems

The NIBSS National Payment Stack (NPS) represents the next phase of Nigeria’s payment infrastructure. Building on the foundation laid by the NIP system, NPS introduces enhanced speed, real-time settlement, and seamless interoperability across banks, fintechs, and other financial providers.

Developed to meet global standards, the NPS integrates capabilities such as:

• ISO 20022 messaging formats
• Advanced digital signatures
• Multi-factor authentication
• Improved cross-border transaction support

These features position Nigeria as a key payments hub for Africa while ensuring robust security for both users and institutions.

NIBSS CEO Premier Oiwoh celebrated the achievement, saying:
“We commend PalmPay for this historic milestone as one of the key collaborators in executing the first successful transaction on the National Payment Stack. This reflects our joint commitment to building a faster, safer and more interoperable ecosystem for Nigeria.”

PalmPay’s commitment to innovation and inclusion

Jaipei Yan, Group Chief Commercial Officer at PalmPay, described the milestone as a win for the nation:
“This achievement is a win for Nigeria and Nigerians. PalmPay is built around smarter banking solutions, and from the beginning, we’ve worked to close the gap between innovation and everyday financial inclusion. Collaborating with NIBSS on this milestone was truly a delight.”

The PalmPay NIBSS National Payment Stack milestone aligns strongly with the Central Bank of Nigeria’s vision for a modern, connected financial system and reinforces PalmPay’s role as one of the leading fintech innovators shaping Africa’s digital future.

Looking ahead, PalmPay plans to expand its mission of creating a financially inclusive, fully connected African economy — leveraging world-class infrastructure and local insights to empower individuals, entrepreneurs, and communities.

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