National Payment Stack records first bank-fintech transfer
Nigeria Inter-Bank Settlement System announced the completion of the initial commercial transaction through its National Payment Stack infrastructure on Friday at 11:56 a.m., with PalmPay and Wema Bank executing the transfer that settled within milliseconds. Managing Director Premier Oiwoh characterized the platform as positioning the country at the leading edge of African digital transformation while supporting rapid growth in electronic commerce through instant processing capabilities, interoperability across institutions and enhanced security protocols.
The system adopts ISO 20022 messaging standards mandated by the Central Bank of Nigeria for all electronic financial transactions, aligning domestic infrastructure with international frameworks to strengthen transparency and regulatory compliance as a foundation for broader digital public infrastructure development. NIBSS stated the stack will supersede the current NIBSS Instant Payment platform while urging remaining banks, financial technology firms and payment service providers to complete integration processes for faster and more inclusive customer experiences nationwide.
