diff --git a/go.mod b/go.mod
index eb6e972..e8aeace 100644
--- a/go.mod
+++ b/go.mod
@@ -16,7 +16,7 @@ require (
 	github.com/golang/protobuf v1.5.2
 	github.com/grpc-ecosystem/go-grpc-middleware v1.3.0
 	github.com/jackc/pgtype v1.8.1
-	github.com/jackc/pgx/v4 v4.13.0
+	github.com/jackc/pgx/v5 v5.4.3
 	github.com/lightningnetwork/lightning-onion v1.2.1-0.20221202012345-ca23184850a1
 	github.com/lightningnetwork/lnd v0.16.2-beta
 	github.com/lightningnetwork/lnd/tlv v1.1.0
@@ -37,6 +37,14 @@ require (
 	github.com/ethereum/go-ethereum v1.12.1 // indirect
 	github.com/golang-jwt/jwt/v4 v4.4.2 // indirect
 	github.com/google/uuid v1.3.0 // indirect
+	github.com/jackc/chunkreader/v2 v2.0.1 // indirect
+	github.com/jackc/pgconn v1.10.0 // indirect
+	github.com/jackc/pgio v1.0.0 // indirect
+	github.com/jackc/pgpassfile v1.0.0 // indirect
+	github.com/jackc/pgproto3/v2 v2.1.1 // indirect
+	github.com/jackc/pgservicefile v0.0.0-20221227161230-091c0ba34f0a // indirect
+	github.com/jackc/pgx/v4 v4.13.0 // indirect
+	github.com/jackc/puddle/v2 v2.2.1 // indirect
 	github.com/kballard/go-shellquote v0.0.0-20180428030007-95032a82bc51 // indirect
 	github.com/lightninglabs/neutrino/cache v1.1.1 // indirect
 	github.com/mailru/easyjson v0.7.7 // indirect
@@ -104,13 +112,6 @@ require (
 	github.com/grpc-ecosystem/go-grpc-prometheus v1.2.0 // indirect
 	github.com/grpc-ecosystem/grpc-gateway v1.16.0 // indirect
 	github.com/grpc-ecosystem/grpc-gateway/v2 v2.5.0 // indirect
-	github.com/jackc/chunkreader/v2 v2.0.1 // indirect
-	github.com/jackc/pgconn v1.10.0 // indirect
-	github.com/jackc/pgio v1.0.0 // indirect
-	github.com/jackc/pgpassfile v1.0.0 // indirect
-	github.com/jackc/pgproto3/v2 v2.1.1 // indirect
-	github.com/jackc/pgservicefile v0.0.0-20200714003250-2b9c44734f2b // indirect
-	github.com/jackc/puddle v1.1.3 // indirect
 	github.com/jessevdk/go-flags v1.4.0 // indirect
 	github.com/jmespath/go-jmespath v0.4.0 // indirect
 	github.com/jonboulle/clockwork v0.2.2 // indirect
diff --git a/itest/lspd_node.go b/itest/lspd_node.go
index 16d2a4c..fa6beab 100644
--- a/itest/lspd_node.go
+++ b/itest/lspd_node.go
@@ -21,7 +21,7 @@ import (
 	"github.com/decred/dcrd/dcrec/secp256k1/v4"
 	ecies "github.com/ecies/go/v2"
 	"github.com/golang/protobuf/proto"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5/pgxpool"
 	"google.golang.org/grpc/metadata"
 )
 
@@ -193,7 +193,7 @@ func (l *lspBase) Initialize() error {
 		return err
 	}
 
-	pgxPool, err := pgxpool.Connect(l.harness.Ctx, l.postgresBackend.ConnectionString())
+	pgxPool, err := pgxpool.New(l.harness.Ctx, l.postgresBackend.ConnectionString())
 	if err != nil {
 		lntest.PerformCleanup(cleanups)
 		return fmt.Errorf("failed to connect to postgres: %w", err)
@@ -301,7 +301,7 @@ type FeeParamSetting struct {
 }
 
 func SetFeeParams(l LspNode, settings []*FeeParamSetting) error {
-	pgxPool, err := pgxpool.Connect(l.Harness().Ctx, l.PostgresBackend().ConnectionString())
+	pgxPool, err := pgxpool.New(l.Harness().Ctx, l.PostgresBackend().ConnectionString())
 	if err != nil {
 		return fmt.Errorf("failed to connect to postgres: %w", err)
 	}
diff --git a/itest/lsps2_buy_test.go b/itest/lsps2_buy_test.go
index 15c62c6..eaf9841 100644
--- a/itest/lsps2_buy_test.go
+++ b/itest/lsps2_buy_test.go
@@ -9,7 +9,7 @@ import (
 	"github.com/breez/lntest"
 	"github.com/breez/lspd/lightning"
 	"github.com/breez/lspd/lsps0"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5/pgxpool"
 	"github.com/stretchr/testify/assert"
 )
 
@@ -89,7 +89,7 @@ func testLsps2Buy(p *testParams) {
 	err = json.Unmarshal(buyResp.Data, b)
 	lntest.CheckError(p.t, err)
 
-	pgxPool, err := pgxpool.Connect(p.h.Ctx, p.lsp.PostgresBackend().ConnectionString())
+	pgxPool, err := pgxpool.New(p.h.Ctx, p.lsp.PostgresBackend().ConnectionString())
 	if err != nil {
 		p.h.T.Fatalf("Failed to connect to postgres backend: %v", err)
 	}
diff --git a/itest/postgres.go b/itest/postgres.go
index 5cb5047..d0092cb 100644
--- a/itest/postgres.go
+++ b/itest/postgres.go
@@ -18,7 +18,7 @@ import (
 	"github.com/docker/docker/api/types/container"
 	"github.com/docker/docker/client"
 	"github.com/docker/go-connections/nat"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5/pgxpool"
 )
 
 type PostgresContainer struct {
@@ -91,7 +91,7 @@ HealthCheck:
 			return fmt.Errorf("container '%s' unhealthy", c.id)
 		case "healthy":
 			for {
-				pgxPool, err := pgxpool.Connect(ctx, c.ConnectionString())
+				pgxPool, err := pgxpool.New(ctx, c.ConnectionString())
 				if err == nil {
 					pgxPool.Close()
 					break HealthCheck
@@ -246,7 +246,7 @@ func (c *PostgresContainer) RunMigrations(ctx context.Context, migrationDir stri
 
 	sort.Strings(filenames)
 
-	pgxPool, err := pgxpool.Connect(ctx, c.ConnectionString())
+	pgxPool, err := pgxpool.New(ctx, c.ConnectionString())
 	if err != nil {
 		return fmt.Errorf("failed to connect to postgres: %w", err)
 	}
diff --git a/itest/tag_test.go b/itest/tag_test.go
index 65af104..dc9f4ff 100644
--- a/itest/tag_test.go
+++ b/itest/tag_test.go
@@ -5,7 +5,7 @@ import (
 
 	"github.com/breez/lntest"
 	lspd "github.com/breez/lspd/rpc"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5/pgxpool"
 	"github.com/stretchr/testify/assert"
 )
 
@@ -25,7 +25,7 @@ func registerPaymentWithTag(p *testParams) {
 		Tag:                expected,
 	}, false)
 
-	pgxPool, err := pgxpool.Connect(p.h.Ctx, p.lsp.PostgresBackend().ConnectionString())
+	pgxPool, err := pgxpool.New(p.h.Ctx, p.lsp.PostgresBackend().ConnectionString())
 	if err != nil {
 		p.h.T.Fatalf("Failed to connect to postgres backend: %v", err)
 	}
diff --git a/postgresql/connect.go b/postgresql/connect.go
index b14942f..92f885a 100644
--- a/postgresql/connect.go
+++ b/postgresql/connect.go
@@ -4,12 +4,12 @@ import (
 	"context"
 	"fmt"
 
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5/pgxpool"
 )
 
 func PgConnect(databaseUrl string) (*pgxpool.Pool, error) {
 	var err error
-	pgxPool, err := pgxpool.Connect(context.Background(), databaseUrl)
+	pgxPool, err := pgxpool.New(context.Background(), databaseUrl)
 	if err != nil {
 		return nil, fmt.Errorf("pgxpool.Connect(%v): %w", databaseUrl, err)
 	}
diff --git a/postgresql/forwarding_event_store.go b/postgresql/forwarding_event_store.go
index 42cda1c..ce0fbff 100644
--- a/postgresql/forwarding_event_store.go
+++ b/postgresql/forwarding_event_store.go
@@ -6,8 +6,8 @@ import (
 	"log"
 
 	"github.com/breez/lspd/lnd"
-	"github.com/jackc/pgx/v4"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5"
+	"github.com/jackc/pgx/v5/pgxpool"
 )
 
 type ForwardingEventStore struct {
diff --git a/postgresql/intercept_store.go b/postgresql/intercept_store.go
index 2bb7228..46b5e68 100644
--- a/postgresql/intercept_store.go
+++ b/postgresql/intercept_store.go
@@ -11,8 +11,8 @@ import (
 	"github.com/breez/lspd/lightning"
 	"github.com/btcsuite/btcd/wire"
 	"github.com/jackc/pgtype"
-	"github.com/jackc/pgx/v4"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5"
+	"github.com/jackc/pgx/v5/pgxpool"
 )
 
 type PostgresInterceptStore struct {
diff --git a/postgresql/lsps2_store.go b/postgresql/lsps2_store.go
index f107d9c..093ac7e 100644
--- a/postgresql/lsps2_store.go
+++ b/postgresql/lsps2_store.go
@@ -12,8 +12,8 @@ import (
 	"github.com/breez/lspd/lsps0"
 	"github.com/breez/lspd/lsps2"
 	"github.com/btcsuite/btcd/wire"
-	"github.com/jackc/pgx/v4"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5"
+	"github.com/jackc/pgx/v5/pgxpool"
 )
 
 type Lsps2Store struct {
diff --git a/postgresql/notifications_store.go b/postgresql/notifications_store.go
index b0675a8..6b76577 100644
--- a/postgresql/notifications_store.go
+++ b/postgresql/notifications_store.go
@@ -5,7 +5,7 @@ import (
 	"encoding/hex"
 	"time"
 
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5/pgxpool"
 )
 
 type NotificationsStore struct {
diff --git a/postgresql/opening_store.go b/postgresql/opening_store.go
index 2d9ad27..bfed434 100644
--- a/postgresql/opening_store.go
+++ b/postgresql/opening_store.go
@@ -7,7 +7,7 @@ import (
 	"time"
 
 	"github.com/breez/lspd/common"
-	"github.com/jackc/pgx/v4/pgxpool"
+	"github.com/jackc/pgx/v5/pgxpool"
 )
 
 type extendedParams struct {