Digital payment systems in Africa have experienced a 37% increase in transaction volume over the past five years, signaling a significant transformation in the continent’s financial landscape, according to the 2024 SIIPS Report.
The report further highlights that there are currently 31 operational Instant Payment Systems (IPS) across 26 countries, with 27 more nations preparing to launch similar platforms.
Dr. Robert Ochola, CEO of AfricaNenda, commented on the findings, emphasizing the need for a collective effort to expand IPS and provide solutions that reach all citizens, especially those in rural and underserved regions. The aim, he noted, is to achieve universal financial inclusion.
Jean Pesme, the World Bank’s Global Director of Finance, also underscored the transformative potential of IPS. He stated that access to safe, low-cost, and efficient digital payment systems can improve lives, bridge the gender finance gap, and enhance resilience.
While acknowledging the significant progress made, Pesme stressed the need for continued efforts, particularly through fintech promotion and greater private sector involvement.
