Nigeria Launches New National Payment Stack (NPS)

Nigeria’s digital financial sector is undergoing a massive change. The first successful live transaction has been completed on the National Payment Stack (NPS).

This event signals a key evolution in the country’s electronic payment system. The new system is designed to replace the existing inter-bank settlement platform.

A Landmark Financial Event

The Nigeria Inter-Bank Settlement System made the announcement on Sunday. The initial transaction happened on Friday, November 7, 2025, at 11:56 a.m. This payment was processed between two financial institutions: PalmPay and Wema Bank.

The transaction finished almost instantly. This showcased the immense power of the new infrastructure. The real-time settlement proved the robustness, scalability, and transformative potential of the NPS.

This national platform, managed by the Inter-Bank Settlement System, will modernize and unify Nigeria’s digital payments for the future.

The New Engine of Digital Economy

The National Payment Stack represents a cutting-edge infrastructure. It focuses on several core principles: speed, security, and smooth integration.

The new system shows the Inter-Bank Settlement System’s commitment to:

• Speed and Reliability: It enables high-volume, instant, and trustworthy payment processing.
• Interoperability: It guarantees easy integration across banks, fintech firms, and other payment providers.
• Security: Protection is reinforced with digital signatures and multi-layer authentication for better data safety.
• Cross-Border Capability: It enhances Nigeria’s ability to handle regional and international financial transactions.
• Innovation: It provides a solid foundation for developing new financial products and services for both people and businesses.

The Inter-Bank Settlement System states that the NPS is the new motor for the next stage of payment innovation. It is built using the international standard ISO 20022 for financial messaging. This global structure improves data richness and regulatory compliance.

The NPS implementation brings Nigeria’s payment system into alignment with the national bank’s directive for ISO 20022 adoption.

This significant change promotes financial transparency. It also establishes the core payments foundation required for Nigeria’s growing Digital Public Infrastructure, which is vital for the nation’s digital economy.

Looking Ahead

This new infrastructure is viewed as the next logical step in the innovation journey. That journey began over a decade ago with the introduction of Africa’s first real-time digital payment solution.

Mr. Premier Oiwoh, the Inter-Bank Settlement System’s CEO, highlighted the platform’s value during its launch in June 2025.

He said, “The National Payment Stack is a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.”

The Inter-Bank Settlement System recognized PalmPay and Wema Bank specifically for being the first to complete the live transaction. The commission thanked all financial partners for their dedication to this vision.

Integration across the financial ecosystem continues. Therefore, the Inter-Bank Settlement System encourages all financial service providers to quickly finish their onboarding onto the NPS.

The ultimate aim is to deliver faster, safer, and more inclusive digital payment experiences for all citizens.