PalmPay, Nigeria’s leading digital banking platform, in collaboration with Wema Bank, has conducted the first-ever live transaction on the Nigeria Inter-bank Settlement System’s (NIBSS’) National Payment Stack (NPS), an innovative infrastructure designed to enhance digital transactions in the country.
The first live transaction, which was conducted last Friday, November 7, represented a new era in Nigeria’s digital payment system innovation and reinforces PalmPay’s role as a trusted frontline operator in the nation’s payment ecosystem.
Commenting on the feat recorded in the NIP by PalmPay, 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”, the NIBSS boss added.
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In his remarks, Group Chief Commercial Officer at PalmPay, Jaipei Yan, said: “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.”
The NPS, which is being powered by NIBSS, is consolidating on the success of the nation’s NIP infrastructure, with key features including interoperability and real-time payment across the financial ecosystem.
Designed to meet international standards, the NPS facilitates cross-border payments while introducing more advanced security features, including digital signatures and multi-factor authentication to safeguard users and institutions.
