$2trn transactions recorded on African digital platforms – Report

A report has stated that 36 Instant Payment systems across 31 African countries processed 64 billion transactions worth nearly $2trn in 2024. The report titled, “The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report,” was conducted by the AfricaNenda Foundation, in partnership with the World Bank and the United Nations Economic Commission for Africa […]

A report has stated that 36 Instant Payment systems across 31 African countries processed 64 billion transactions worth nearly $2trn in 2024.

The report titled, “The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report,” was conducted by the AfricaNenda Foundation, in partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA) and underscores Africa’s rapid transition to digital finance.

Now in its fourth edition, SIIPS 2025 is Africa’s leading benchmark for inclusive instant payment systems (IIPS), the report highlights increasing interoperability across systems, with half of Africa’s IPS now connecting banks, mobile money operators, and fintechs through cross domain platforms.

It said Nigeria’s Instant Payments (NIP) became the first system to achieve mature inclusivity on the AfricaNenda Inclusivity Spectrum, while ten others have advanced to progressed levels.  

“Beyond person-to-person (P2P) transfers, more systems are enabling person-to-business (P2B), government-to-person (G2P), and cross-border payments. The report points to significant opportunities for growth through digital public infrastructure (DPI) integration, government-to-person (G2P) payments, and cross-border interoperability.

“With 36 countries now having live IPS, digital IDs, and data protection laws, better coordination across these systems could make Africa’s financial ecosystem more inclusive and secure financial ecosystems.”

“Scaling G2P and cross-border use cases, the report finds, will require improved digital identity coverage, regulatory harmonization, and stronger collaboration between public and private sectors. These efforts are crucial to Africa’s ambition of creating a single, digitally connected market,” he said.

“Inclusive instant payments are transforming how Africans connect economically,” said Dr. Robert Ochola, CEO, AfricaNenda Foundation.

“The findings of SIIPS 2025 show clear progress — more countries are adopting instant payment systems, and more people are gaining access to digital financial services that support livelihoods, trade, and growth across the continent.

“The latest SIIPS report shows steady progress across Africa in the uptake of fast payments. This is promising and represents a great start, but there is much work to be done. Countries without fast payment systems should begin implementations, while those already operating them should focus on greater inclusivity, innovation, and affordability in digital payment services.

“Regional FPS models have demonstrated a unique opportunity to facilitate cost-efficient and speedy cross-border payments and could be explored for scaling across regions and ultimately across the entire continent. At the World Bank Group, we believe fast payments development promotes broader goals such as financial inclusion, job creation, and trade facilitation. Through Project FASTT, the World Bank continues to help countries build and strengthen fast payment ecosystems through financing, technical assistance, and capacity building.” noted Niraj Verma, Acting Global Director, Finance, Competitiveness & Investment Global Department, World Bank.