Nigeria leads Africa’s fast-growing digital payments space as instant payment transactions climbed close to $2 trillion in 2024.
This is according to the new report, “State of Inclusive Instant Payment Systems (SIIPS) 2025,” released by the AfricaNenda Foundation in partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA).
The report shows that Nigeria’s Instant Payments (NIP) is the first system to achieve “mature inclusivity”, setting a benchmark for other countries.
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It indicates that while Nigeria reached the mature inclusivity stage, 10 other countries advanced to the “progressed” level on the AfricaNenda Inclusivity Spectrum.
According to the report, Africa’s digital payments landscape is expanding at a record pace, signalling a major shift towards more inclusive and interoperable financial systems.
In total, 36 instant payment systems are now live across 31 African countries, with five having been launched in the past year alone.
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Collectively, it stated that the systems processed 64 billion transactions valued at nearly $2 trillion in 2024.
“Inclusive instant payments are transforming how Africans connect economically. 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,” the Chief Executive Officer of the AfricaNenda Foundation, Robert Ochola, said.
The Acting Global Director, Finance, Competitiveness and Investment Global Department at the World Bank, Niraj Verma, noted that while the steady uptake of fast payment systems across Africa was encouraging, significant gaps remain.
“The latest SIIPS report shows steady progress across Africa in the uptake of fast payments. This is promising, but much work remains.
“Countries without fast payment systems should begin implementation, while those already operating them must prioritise inclusivity, innovation and affordability,” Verma said.
He stressed that the regional fast payment models offer opportunities for cost-efficient and speedy cross-border payments.
Beyond person-to-person transfers, more systems are enabling person-to-business, government-to-person and cross-border payments, broadening access and use cases for instant payments.
Chief of Section, Innovation and Technology at UNECA, Mactar Seck, said inclusion must be intentional for digital payments to reach everyone.
“The SIIPS 2025 data gives policymakers the evidence they need to design ecosystems that serve women, youth, informal sector operators and rural communities,” Seck added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
