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PalmPay Launches Live Transactions on Nigeria's National Payment Stack

PalmPay, the top digital banking platform in Nigeria, has once again shown its dominance in advancing the country's payment transformation. In a significant milestone for Nigeria's digital economy, PalmPay, together with Wema Bank, executed the first live transaction on the Nigeria Inter-bank Settlement System (NIBSS) National Payment Stack (NPS), a cutting-edge system aimed at reshaping the way money is transferred throughout the nation.

The first live transaction, which took place precisely at 11:56 am on Friday, November 7, 2025, signifies a new chapter in Nigeria's financial innovation path and highlights PalmPay's position as a reliable leader in the payment sector. This milestone is supported by the brand's rising reputation as a fintech innovator, following recent global acknowledgments as Financial Times Africa's Fastest-Growing Companies 2025 and being listed among CNBC and Statista's Top 300 Global Fintech Companies for two years in a row (2024 and 2025) due to its influence, reach, and dedication to fostering inclusive growth in emerging markets.

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The National Payment Stack (NPS), driven by NIBSS, expands upon the achievements of the NIP framework, offering improved speed, compatibility, and real-time transaction processing within the financial system. Engineered to comply with global benchmarks, NPS strengthens international payment functionalities and incorporates enhanced security measures such as digital signatures and multi-factor authentication to protect users and organizations.

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In addition to its technological innovations, the National Payment Stack (NPS) establishes a new standard for Nigeria's leadership in Africa's financial sector. By adopting the ISO 20022 global messaging standards, Nigeria has become a key center for smooth and secure international transactions.

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Speaking about the significant accomplishment, the Managing Director/Chief Executive Officer of the NIBSS, Premier Oiwoh, stated: “We praise PalmPay for this historic success as a vital partner in carrying out the first successful transaction on the National Payment Stack (NPS). This achievement highlights our joint dedication to developing a quicker, more secure, and interoperable payment system for Nigeria. The NPS marks the next step in innovation aimed at driving inclusion, efficiency, and growth within the financial sector. We anticipate more organizations joining us as we work together to define the future of payments in Nigeria and throughout Africa.”

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Additionally, Jaipei Yan, Group Chief Commercial Officer at PalmPay, mentioned, “This success is a victory for Nigeria and its people. PalmPay is dedicated to offering more intelligent banking options. Since we began six years ago, our focus has been on closing the gap between innovation and daily financial access. It was a true pleasure collaborating with NIBSS and other partners on this impressive milestone.”

By introducing this significant achievement, PalmPay not only enhances its reputation but also highlights its consistency with the Central Bank of Nigeria’s efforts to build a digital, interconnected economy. From being listed among the top fintech companies globally to conducting Nigeria's first real-time transaction on a national payment system, PalmPay is demonstrating that innovation, when guided by a clear purpose, has the power to reshape economies.

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In the future, PalmPay seeks to speed up its goal of creating a connected, digital, and financially accessible Africa, integrating global benchmarks with local significance to develop technology that genuinely supports individuals and enterprises.

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