By David Akinmola
Digital banking platforms, Palmpay, has executed the country’s first live transaction on the National Payment Stack (NPS), marking a significant milestone in the ongoing evolution of Nigeria’s digital payment infrastructure.
The breakthrough transaction, conducted in collaboration with Wema Bank, occurred at 11:56 a.m. on Friday, November 7, 2025. It represents the first real-time payment executed on the NPS, a next-generation system developed by the Nigeria Inter-bank Settlement System (NIBSS) to enhance speed, interoperability and security across the financial ecosystem.
The achievement further consolidates PalmPay’s position as a key driver of Nigeria’s fintech advancement, adding to its recent recognitions, including Financial Times Africa’s Fastest-Growing Companies 2025 and its placement on the CNBC and Statista Top 300 Global Fintech Companies list for 2024 and 2025.
Built on the foundation of the NIP platform, the National Payment Stack introduces improved real-time settlement capabilities and aligns fully with international security and messaging standards. With features such as digital signatures, multi-factor authentication and ISO 20022-compliant messaging, the NPS is expected to elevate Nigeria’s status as a regional hub for secure and seamless cross-border transactions.
Premier Oiwoh, Managing Director/Chief Executive Officer of NIBSS, hailed the development as a collective win for the industry. “We commend PalmPay for this historic achievement as one of the key collaborators in executing the first successful transaction on the National Payment Stack,” he said. “This milestone reflects our shared commitment to advancing a faster, safer and more interoperable payment ecosystem for Nigeria.”
He added that the NPS represents “the next frontier of innovation designed to power inclusion, efficiency and growth across the financial industry,” expressing optimism that more institutions will soon join the platform.
Jaipei Yan, Group Chief Commercial Officer at PalmPay, described the success as “a win for Nigeria and Nigerians,” noting that the company remains focused on bridging the gap between innovation and everyday financial inclusion. “It was an absolute delight to work with NIBSS and other stakeholders on this remarkable milestone,” he said.
With the successful execution of the first transaction, PalmPay deepens its alignment with the Central Bank of Nigeria’s drive toward a fully digital and connected economy. The company says it will continue to accelerate its vision for a financially inclusive Africa by combining global standards with local insights to deliver technology that empowers people and businesses.
