By Roselyn Gayaglo
Digital payment systems in Africa have grown by 37 percent in transaction volume over the past five years, reflecting a major shift in the continent’s financial ecosystem. This is according to the 2024 SIIPS Report.
The report also reveals that there are 31 operational Instant Payment Systems (IPS) across 26 countries, with 27 more nations preparing to roll out similar systems.
Commenting on the report, the Chief Executive Officer of AfricaNenda, Dr. Robert Ochola, said, “AfricaNenda and its partners are calling for a collective push to expand IPS and deliver solutions that cater for every citizen, particularly those in rural and underserved areas. The goal is to ensure universal financial inclusion.
Global Director of Finance at the World Bank, Jean Pesme, reiterated IPS’s transformative potential, saying access to safe, low-cost, and efficient digital payments can transform lives, close the gender finance gap, and foster resilience. He said while progress is remarkable, more needs to be done through fintech promotion and private sector involvement.
