Nigeria, Nov. 11 -- Nigeria's digital payment industry has reached a major milestone with the first live transaction completed on the National Payment Stack (NPS), a new digital infrastructure designed to unify and modernise the country's payment systems.

This was disclosed in a statement by the Nigeria Inter-Bank Settlement System (NIBSS) on Sunday.

The transaction, executed between PalmPay and Wema Bank at 11:56 a.m. on Friday, was completed in milliseconds with instant settlement.

NIBSS said the test confirmed the "robustness, scalability and transformative potential" of the platform, which will replace the existing NIBSS Instant Payment (NIP) system used by most financial institutions.

The National Payment Stack is a homegrown fra...