Nigeria's National Payment Stack Launches First Bank-Fintech Transaction

Nigerias National Payment Stack has completed its inaugural transaction between a bank and a fintech, signaling a significant advancement in financial transaction interoperability and the digital economy.

• On November 7 at 11:56 am, Nigerias National Payment Stack executed its first bank-fintech transaction involving PalmPay and Wema Bank, marking a pivotal moment in the financial ecosystem.
• This transaction illustrates enhanced interoperability between traditional banks and fintech companies, showcasing scalability in Nigerias evolving digital economy and paving the way for future innovations.
• The successful transaction adheres to the ISO 20022 messaging standard, which is critical for facilitating secure and efficient financial transactions across different platforms in Nigeria.