PalmPay, Wema Bank make first NPS transfer in Nigeria
PalmPay has executed the inaugural live payment on Nigeria’s National Payment Stack infrastructure through a partnership with Wema Bank, establishing operational capability for the settlement system developed by the Nigeria Inter-bank Settlement System authority. Premier Oiwoh, managing director of NIBSS, acknowledged the fintech operator’s contribution to implementing the platform designed to accelerate transaction speeds while supporting ISO 20022 messaging standards for international compatibility.
The payment network incorporates enhanced authentication protocols including digital signature verification and multi-factor security measures, protecting institutional and consumer transactions. Jaipei Yan, group chief commercial officer at PalmPay, indicated the achievement advances the company’s financial inclusion objectives across Nigerian markets.
The infrastructure expands upon existing instant payment capabilities with improved interoperability supporting cross-border commerce while positioning the country as a regional settlement hub for African financial activity aligned with central bank digitalization initiatives.
