PalmPay, one of Nigeria’s top digital banking platforms, has once again raised the bar in the country’s payment revolution. In a major milestone for Nigeria’s digital economy, PalmPay—working closely with Wema Bank—has completed the first-ever live transaction on the Nigeria Inter-bank Settlement System (NIBSS) National Payment Stack (NPS), the new next-gen infrastructure set to transform how money moves nationwide.
The breakthrough transaction, recorded at 11:56 a.m. on Friday, November 7, 2025, signals a new chapter in Nigeria’s financial innovation story and strengthens PalmPay’s position as a leading force in the payments landscape. It also builds on the company’s growing global reputation, coming on the heels of its recent accolades: Financial Times Africa’s Fastest-Growing Companies 2025 and CNBC/Statista’s Top 300 Global Fintech Companies for both 2024 and 2025—recognitions that highlight PalmPay’s scale, impact, and commitment to inclusive growth across emerging markets.
The National Payment Stack (NPS), powered by NIBSS, builds on the success of the NIP infrastructure, introducing greater speed, interoperability and real-time settlement across the financial ecosystem. Designed to meet international standards, NPS enhances cross-border payment capabilities while introducing more advanced security features, including digital signatures and multi-factor authentication to safeguard users and institutions.
Beyond its technical advancements, the National Payment Stack (NPS) sets a new
benchmark for Nigeria’s leadership in Africa’s finance landscape. Through the ISO 20022 global messaging standards, Nigeria is now positioned as a regional hub for seamless and secure cross-border transactions.
Commenting on the landmark achievement, the Managing Director/Chief Executive Officer of the NIBSS, Premier Oiwoh, said: “We commend PalmPay for this historic achievement as one of the key collaborators in executing the first successful transaction on the National Payment Stack (NPS). This milestone reflects our shared commitment to advancing a faster, safer and more interoperable payment ecosystem for Nigeria. The NPS represents the next frontier of innovation designed to power inclusion, efficiency and growth across the financial industry. We look forward to more institutions coming on board as we collectively shape the future of payments in Nigeria and across Africa.”
Also speaking, Jaipei Yan, Group Chief Commercial Officer at PalmPay, stated, “This achievement is a win for Nigeria and Nigerians. PalmPay is all about providing smarter banking solutions. Since our launch six years ago, we have 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.”
By pioneering this milestone, PalmPay not only strengthens its credibility but also reinforces its alignment with the Central Bank of Nigeria’s drive toward a digital, connected economy. From ranking among the world’s leading fintech brands to executing Nigeria’s first live transaction on a national payment infrastructure, PalmPay is proving that innovation, when purpose-driven, can transform economies.
Looking ahead, PalmPay aims to accelerate its vision of a connected, digital, and financially inclusive Africa, combining global standards with local relevance to build technology that truly empowers people and businesses.
Justus Adejumoh
Justus Adejumoh is an IT / Telecom Reporter who has been covering the ICT sector for over a decade. He is currently the IT / Telecom Editor of Independent Newspapers Limited. With a knack for the industry’s issues and trends, he has given impetus to the industry through agenda-setting reports, analysis of issues and interfacing with industry stakeholders. A graduate of Nigerian Institute of Journalism (NIJ), he also attended Delta State University, Abraka, Delta State for his first degree and Master from University of Lagos. Also, he has attended several training courses and workshops on media and other fields. They include CNN / MultiChoice Media Training, CSR Training- Pan-Atlantic University (Lagos Business School), and Microsoft Advanced Media Training, among others. He is currently the General Secretary of Nigeria Information Technology Reporters’ Association (NITRA) and a Senior Member of Chartered Institute of Public Diplomacy and Management (CIPDM).