A new report has highlighted the explosive growth of digital payments across Africa, with transactions worth nearly $2 trillion processed in a single year. Nigeria's Instant Payment (NIP) system has been singled out for achieving a top rating in inclusivity.
Record-Breaking Transaction Volume Across the Continent
The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, released by the AfricaNenda Foundation in collaboration with the World Bank and the United Nations Economic Commission for Africa (UNECA), provides the latest data. The findings show that 36 instant payment systems are now operational across 31 African countries, with five new launches in the past year alone.
Collectively, these systems processed a staggering 64 billion transactions worth nearly $2 trillion in 2024. This massive volume underscores the continent's accelerating shift away from cash and towards digital financial solutions.
Nigeria's NIP System Earns Top Marks for Inclusivity
The report placed a special focus on the performance of individual national systems. It revealed that Nigeria's Instant Payment (NIP) platform became the first on the continent to achieve a 'mature' inclusivity rating on the AfricaNenda Inclusivity Spectrum. Ten other African systems were noted to have advanced to 'progressive' levels.
Dr. Robert Ochola, Chief Executive Officer of the AfricaNenda Foundation, stated that these inclusive instant payments are fundamentally changing how Africans engage with the economy. He pointed to clear progress, with more countries adopting the systems and more people gaining access to vital digital financial services.
Persistent Barriers: Fraud Fears and Access Gaps
Despite the impressive growth, the report identifies significant hurdles that must be overcome. Research in markets like Angola, Côte d'Ivoire, Madagascar, and Tunisia found that individuals are adopting digital payments faster than merchants.
A major concern is security. The report found that between 50% and 75% of users who primarily rely on cash cited fraud risks as their key barrier to adopting digital payments. Other obstacles include a lack of formal identification and limited access to service agents, which disproportionately affect young adults, women, and those in rural areas.
Dr. Mactar Seck, Chief of Innovation and Technology at UNECA, emphasized that inclusion must be intentional. He said the SIIPS 2025 data gives policymakers the confirmation needed to design ecosystems that serve marginalized communities across Africa.
The Path Forward: Interoperability and Cross-Border Payments
The report highlighted promising developments, such as increasing interoperability. Half of Africa's instant payment systems now connect banks, mobile money operators, and fintechs through cross-domain platforms. The scope of transactions is also expanding beyond simple person-to-person (P2P) transfers to include person-to-business (P2B), government-to-person (G2P), and cross-border payments.
Niraj Verma, Acting Global Director for Finance, Competitiveness & Investment at the World Bank, acknowledged the steady progress but noted there is much work left. He urged countries without fast payment systems to start implementation and those with existing systems to enhance inclusivity, innovation, and affordability.
Verma also pointed to regional models as a unique opportunity to facilitate cost-efficient cross-border payments, which could be scaled up to eventually connect the entire continent. He referenced the World Bank's Project FASTT, which helps countries build fast payment ecosystems through financing and technical assistance.
The integration of Digital Public Infrastructure (DPI), scaling of G2P payments, and pursuit of cross-border interoperability are identified as significant growth opportunities. With 36 countries now having live IPS, digital ID frameworks, and data protection laws, better coordination could create a more inclusive and secure financial ecosystem for Africa's future.
