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.

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.”

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.