Nigeria has emerged as a continental leader in Africa’s fast-growing digital payments ecosystem, as instant payment systems across the continent processed transactions worth nearly $2 trillion in 2024, according to a new report.
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), shows that Nigeria’s Instant Payments (NIP) is the first system in Africa to achieve mature inclusivity, setting a benchmark for other countries.
The report notes that 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 launched in the past year alone. Collectively, these systems processed 64 billion transactions valued at nearly $2 trillion in 2024, underscoring Africa’s rapid transition to digital finance.
Chief Executive Officer of the AfricaNenda Foundation, Dr. Robert Ochola, said inclusive instant payments are transforming how Africans connect economically. He noted that the findings of SIIPS 2025 show clear progress, with more countries adopting instant payment systems and more people gaining access to digital financial services that support livelihoods, trade and economic growth across the continent.
Also speaking, Acting Global Director, Finance, Competitiveness and Investment Global Department at the World Bank, Niraj Verma, said that while the steady uptake of fast payment systems across Africa was encouraging, significant gaps remain.
He said the latest SIIPS report shows steady progress across Africa in the uptake of fast payments, describing this as promising but stressing that much work remains. According to him, 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 offer opportunities for cost-efficient and speedy cross-border payments, noting 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 highlights growing interoperability across Africa’s payment systems, noting that half of the continent’s instant payment systems now connect banks, mobile money operators and fintechs through cross-domain platforms. While Nigeria reached the mature inclusivity stage, 10 other countries advanced to the progressed level on the AfricaNenda Inclusivity Spectrum.
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.
Addressing these challenges, Chief of Section, Innovation and Technology at UNECA, Dr. Mactar Seck, said inclusion must be intentional for digital payments to reach everyone. 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.
