In a groundbreaking achievement for Nigeria’s digital economy, PalmPay, the country’s leading digital banking platform, has executed the first live transaction on the National Payment Stack (NPS). This historic event took place at 11:56 AM on Friday, November 7, 2025, in collaboration with Wema Bank, setting a new standard for financial transactions in Nigeria.
The NPS, developed by the Nigeria Inter-bank Settlement System (NIBSS), represents the next generation of payment infrastructure aimed at reimagining money movement throughout the nation. This initiative follows PalmPay’s rapid ascent in the fintech space, having recently been recognized as one of Financial Times’ Fastest-Growing Companies in Africa for 2025, as well as being listed in CNBC and Statista’s Top 300 Global Fintech Companies for two consecutive years.
A New Era of Financial Innovation
The launch of the NPS is poised to enhance transaction speed, interoperability, and real-time settlement capabilities within the financial ecosystem. With advanced security measures like digital signatures and multi-factor authentication, the NPS not only aligns with international standards but also fortifies Nigeria’s position as a regional hub for efficient and secure cross-border transactions through the ISO 20022 messaging protocols.
Premier Oiwoh, Managing Director and CEO of NIBSS, commended PalmPay for this milestone, stating, “This achievement reflects our shared commitment to advancing a faster, safer, and more interoperable payment ecosystem for Nigeria. The NPS is designed to power inclusion, efficiency, and growth across the financial industry, and we anticipate more institutions joining us in shaping the future of payments in Nigeria and beyond.”
Bridging Innovation and Financial Inclusion
Jaipei Yan, Group Chief Commercial Officer at PalmPay, emphasized the significance of this achievement for Nigeria, saying, “PalmPay is dedicated to providing smarter banking solutions. From our launch six years ago, we have concentrated on bridging innovation with everyday financial inclusion. Collaborating with NIBSS and other stakeholders to achieve this milestone has been a remarkable experience.”
By facilitating Nigeria’s first live transaction on the national payment infrastructure, PalmPay not only enhances its credibility within the fintech landscape but also aligns closely with the Central Bank of Nigeria’s vision for a digitally connected economy. This accomplishment showcases how purposeful innovation can drive economic transformation.
As PalmPay looks to the future, the organization remains committed to fostering a connected, digital, and financially inclusive Africa, blending global standards with local relevance to craft technology that empowers individuals and businesses alike.
