Africa’s digital payments ecosystem is expanding at an unprecedented rate, with instant payment systems (IPS) across the continent processing 64 billion transactions worth nearly $2 trillion in the past year, according to the newly released State of Inclusive Instant Payment Systems (SIIPS) 2025 report.
The report — published by the AfricaNenda Foundation in partnership with the World Bank and the UN Economic Commission for Africa (UNECA) — shows that 36 instant payment systems are now active in 31 African countries, including five launched within the last year. The accelerating rollout marks a major shift toward more inclusive and interoperable financial systems.
Dr. Robert Ochola, CEO of AfricaNenda, said the progress reflects Africa’s growing commitment to financial inclusion.
“Inclusive instant payments are transforming how Africans connect economically,” he said. “More countries are adopting fast payment systems, and more people are gaining access to digital financial services that support livelihoods, trade, and growth.”
The World Bank welcomed the momentum but urged governments to deepen adoption. Acting Global Director for Finance, Competitiveness & Investment, Niraj Verma, emphasized the need for faster implementation and improved inclusivity, affordability, and innovation.
“Fast payments promote broader goals such as financial inclusion, job creation, and trade facilitation,” Verma said.
The report notes rising interoperability across the continent, with half of Africa’s IPS now linking banks, mobile money operators, and fintechs. Nigeria’s Instant Payments (NIP) system became the first to attain “mature inclusivity” on the AfricaNenda Inclusivity Spectrum, while 10 other countries moved into the progressed category.
Beyond basic person-to-person transfers, more countries are enabling person-to-business, government-to-person, and cross-border transactions. However, research from Angola, Côte d’Ivoire, Madagascar, and Tunisia shows that merchants are adopting digital payments at a slower pace than individuals. Younger adults, women, and informal sector workers face persistent barriers, including fraud fears, limited identification, and difficulty accessing agents.
Between 50–75 percent of cash-first users surveyed cited fraud risks as a major deterrent — a challenge the report says must be addressed to ensure safe, equitable access.
UNECA’s Chief of Section for Innovation and Technology, Dr. Mactar Seck, stressed the need for deliberate inclusion efforts.
“For digital payments to reach everyone, inclusion must be intentional,” he said.
The report identifies significant opportunities for growth through digital public infrastructure, government-to-person payments, and cross-border interoperability. It also calls for improved digital identity systems, regulatory harmonisation, and stronger public-private collaboration to help Africa realise its ambition of a unified, digitally connected market.
The SIIPS 2025 launch, hosted by the Central Bank of Eswatini, brought together central bankers, payment operators, policymakers, development partners, and media representatives to chart the next steps for Africa’s digital payments future.
