PalmPay made history by completing Nigeria’s first live transaction on the National Payment Stack (NPS), marking a major milestone for the country’s digital economy.
Moreover, the company collaborated with Wema Bank to execute the milestone transaction at 11:56 am on November 7, 2025, signalling a new era in payments.
Next-Generation Payment Infrastructure
The NPS, developed by NIBSS, allows financial institutions to process payments faster, more securely, and fully interoperably across Nigeria, improving efficiency nationwide.
In addition, it introduces real-time settlement, multi-factor authentication, and global ISO 20022 messaging standards, enhancing both domestic and cross-border transactions.
Consequently, Nigeria strengthens its position as a regional hub for seamless and secure financial transactions, boosting Africa’s fintech leadership.
PalmPay Pioneering Role
NIBSS CEO, Premier Oiwoh, praised PalmPay for advancing a safer, faster, and more connected payment ecosystem, emphasising the milestone reflects shared commitment to innovation.
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Since its launch six years ago, PalmPay has bridged the gap between technology and financial inclusion, making everyday banking smarter and more accessible for Nigerians.
Furthermore, the company earned global recognition, including Financial Times Africa’s Fastest-Growing Companies 2025 and CNBC/Statista’s Top 300 Global Fintech Companies for two consecutive years.
PalmPay CCO, Jaipei Yan, described the achievement as “a win for Nigeria and its digital economy future,” highlighting close collaboration with NIBSS and other stakeholders.
By pioneering this milestone, PalmPay reinforces its role as a fintech innovator shaping Nigeria’s financial landscape while supporting the Central Bank’s vision.
With NPS, Nigeria modernises infrastructure and signals Africa’s digital economy readiness to the global stage.
Finally, PalmPay and NPS aim to drive a connected, digitally inclusive Africa through innovative technology that empowers people and businesses alike.
