Nigeria’s digital finance sector reached a new milestone as PalmPay, in partnership with Wema Bank, executed the first live transaction on the Nigeria Inter-bank Settlement System (NIBSS) National Payment Stack (NPS). The historic transaction, recorded at 11:56 a.m. on Friday, November 7, 2025, underscores the country’s growing role in Africa’s fintech revolution.
The NPS, a next-generation payment infrastructure, promises faster, real-time settlements, enhanced security features, and seamless interoperability across banks. Built to global standards, it also facilitates cross-border transactions and leverages ISO 20022 messaging protocols, positioning Nigeria as a hub for secure, modern financial operations.
Premier Oiwoh, NIBSS CEO, described the achievement as “a significant leap toward a safer, more inclusive, and efficient payments ecosystem,” praising PalmPay for its pioneering role. Jaipei Yan, PalmPay’s Group Chief Commercial Officer, called the milestone “a win for Nigeria and Nigerians,” emphasizing the company’s mission to bring financial services closer to everyday users through innovation and accessibility.
Since its launch six years ago, PalmPay has steadily grown into a globally recognized fintech brand, winning accolades such as Financial Times Africa’s Fastest-Growing Companies 2025 and inclusion in CNBC and Statista’s Top 300 Global Fintech Companies. This latest achievement further strengthens its reputation as a trusted innovator, driving the nation toward a connected and inclusive digital economy.
Looking forward, PalmPay aims to expand digital financial access across Nigeria and beyond, using cutting-edge technology to empower businesses, individuals, and the broader African economy.
