Instant payment systems drive financial inclusion and cross-border interoperability across the continent
Nigeria has emerged as a continental leader in Africa’s fast-growing digital payments ecosystem, with its Nigeria Instant Payments (NIP) system becoming the first in Africa to achieve “mature inclusivity,” according to the State of Inclusive Instant Payment Systems (SIIPS) 2025 Report.
Released by the AfricaNenda Foundation in partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA), the report shows that instant payment systems across the continent processed 64 billion transactions valued at nearly $2 trillion in 2024, highlighting Africa’s rapid shift to digital finance.
Africa’s digital payments landscape on the rise
The report notes that Africa now has 36 live instant payment systems across 31 countries, with five launched in the past year alone. These systems are creating more inclusive and interoperable financial networks, connecting banks, fintechs, and mobile money operators.
“Inclusive instant payments are transforming how Africans connect economically,” said Robert Ochola, CEO of 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 economic growth across the continent.”
World Bank emphasizes innovation and inclusivity
Niraj Verma, Acting Global Director at the World Bank’s Finance, Competitiveness, and Investment Global Department, noted that while uptake of fast payment systems is encouraging, significant gaps remain.
“Countries without fast payment systems should begin implementation, while those already operating them must prioritise inclusivity, innovation, and affordability,” Verma said.
He added that regional fast payment models offer opportunities for cost-efficient and speedy cross-border payments, with the World Bank supporting countries through Project FASTT, which provides financing, technical assistance, and capacity building.
Expanding access beyond person-to-person payments
The SIIPS report also highlights that half of Africa’s instant payment systems now connect banks, mobile money operators, and fintechs through cross-domain platforms. Beyond person-to-person transfers, many systems now facilitate person-to-business, government-to-person, and cross-border payments, broadening access and use cases.
“The SIIPS 2025 data gives policymakers the evidence they need to design ecosystems that serve women, youth, informal sector operators, and rural communities,” said Mactar Seck, Chief of Section, Innovation and Technology at UNECA.
With Nigeria at the forefront of digital payments, the country sets a benchmark for financial inclusion and digital economic growth across Africa. Ten other African countries have advanced to the “progressed” level on the AfricaNenda Inclusivity Spectrum, signaling a continental trend toward broader financial access.
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