Africa’s digital payments landscape is experiencing unprecedented growth, with countries across the continent increasingly embracing instant payment systems (IPS) that are transforming the way people, businesses, and governments exchange money. A recent report shows that Nigeria is at the forefront of this shift, emerging as a continental leader in inclusive digital finance.
The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, published by the AfricaNenda Foundation in collaboration with the World Bank and the United Nations Economic Commission for Africa (UNECA), reveals that instant payment systems across Africa processed nearly $2 trillion worth of transactions in 2024 alone. Nigeria’s Instant Payments (NIP) system has become the first in Africa to achieve “mature inclusivity,” setting a benchmark for other countries on the continent.
According to the report, Africa’s digital payments ecosystem is expanding at a record pace, signaling a major shift toward more inclusive and interoperable financial systems. There are now 36 live instant payment systems across 31 countries, with five new systems launched in the past year. Collectively, these platforms handled 64 billion transactions in 2024, underscoring the continent’s rapid transition to digital finance.
Dr. Robert Ochola, CEO of the AfricaNenda Foundation, said the growth of inclusive instant payments is reshaping economic connections across Africa. “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 economic growth,” he said.
While the report highlights significant progress, experts caution that challenges remain. Niraj Verma, Acting Global Director for Finance, Competitiveness, and Investment at the World Bank, noted that countries without fast payment systems should prioritize implementation, and those with existing systems must focus on inclusivity, innovation, and affordability.
“Regional fast payment models present opportunities for cost-efficient and speedy cross-border transactions,” Verma added. “Through Project FASTT, the World Bank continues to provide financing, technical assistance, and capacity building to strengthen fast payment ecosystems across Africa.”
The SIIPS report also points to growing interoperability among Africa’s payment systems. About half of the continent’s IPS now connects banks, mobile money operators, and fintechs through cross-domain platforms. While Nigeria has reached the mature inclusivity stage, 10 other countries have advanced to the ‘progressed’ level on the AfricaNenda Inclusivity Spectrum.
Beyond person-to-person transfers, instant payment systems are increasingly supporting person-to-business, government-to-person, and cross-border payments, broadening access and expanding practical use cases for digital finance.
Dr. Mactar Seck, Chief of Section for Innovation and Technology at UNECA, emphasized the importance of intentional inclusion. “The SIIPS 2025 data provides policymakers with the evidence they need to design ecosystems that serve women, youth, informal sector operators, and rural communities,” Seck said.
As Africa continues its digital finance journey, the growth of inclusive, interoperable, and innovative payment systems could reshape economic participation, bringing millions of people into the formal financial ecosystem for the first time.