Nigeria has emerged as a leading force in Africa’s rapidly expanding digital payments ecosystem, as instant payment systems across the continent processed transactions valued at nearly $2 trillion in 2024, according to a new report.
The State of Inclusive Instant Payment Systems 2025 Report, released by the AfricaNenda Foundation in collaboration with the World Bank and the United Nations Economic Commission for Africa, revealed that Nigeria’s Instant Payments platform is the first in Africa to attain the status of “mature inclusivity”, setting a benchmark for other countries on the continent.
The report noted that Africa’s digital payments landscape is growing at an unprecedented pace, signalling a significant transition towards more inclusive, interoperable and efficient financial systems.
It disclosed that a total of 36 instant payment systems are currently operational across 31 African countries, with five new systems launched within the past year. Collectively, these platforms processed 64 billion transactions valued at almost $2 trillion in 2024, highlighting Africa’s accelerating shift towards digital financial services.
Chief Executive Officer of the AfricaNenda Foundation, Dr Robert Ochola, said inclusive instant payments are reshaping economic interactions across the continent.
According to him, “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.”
Also speaking, the Acting Global Director, Finance, Competitiveness and Investment Global Department at the World Bank, Niraj Verma, described the growing adoption of fast payment systems in Africa as encouraging but cautioned that critical gaps still exist.
He said, “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 added that regional fast payment models present opportunities for faster and more cost efficient cross border transactions. He noted that through Project FASTT, the World Bank continues to support countries with financing, technical assistance and capacity building to strengthen fast payment ecosystems.
The report also highlighted increasing interoperability among Africa’s payment systems, noting that half of the continent’s instant payment platforms now link banks, mobile money operators and fintech firms through cross domain infrastructure.
While Nigeria achieved the mature inclusivity stage, the report stated that ten other African countries progressed to the “progressed” level on the AfricaNenda Inclusivity Spectrum.
Beyond person to person transfers, the report observed that more payment systems are now supporting person to business, government to person and cross border transactions, thereby expanding access and use cases for instant payments.
Addressing the need for broader inclusion, Chief of Section, Innovation and Technology at UNECA, Dr Mactar Seck, said digital payment inclusion must be deliberately pursued to ensure no group is left behind.
He said, “The SIIPS 2025 data gives policymakers the evidence they need to design ecosystems that serve women, youth, informal sector operators and rural communities.”
