Report Reveals Continued Growth in Africa’s Instant Payment Systems

Addis Ababa, November 8/2023 (ENA):The State of Inclusive Instant Payment Systems (SIIPS) in Africa Report released today revealed that there is continued growth in Africa’s instant payment systems.

This second edition of SIIPS highlighted developments in the instant payment systems landscape and included a spotlight on cross-border retail payment policy and regulatory harmonization in Africa.

The report, which showcases the continent’s progress on increasing digital instant transaction volumes and values, also notes that more needs to be done to ensure that instant payment systems are truly inclusive so that they can successfully contribute to the growth of digital public infrastructure in Africa. 

According to the report, three new instant payment systems were launched in Ethiopia, Morocco, and South Africa in the last twelve months, bringing the total number of live domestic and regional instant payment systems on the continent to 32.

However, these systems are not all inclusive, as the report stated.

The IPS in Africa will facilitate nearly 32 billion transactions valued at approximately 1.2 trillion USD in 2022, it was learned.

AfricaNenda CEO Roberto Ochola said during the launch of the report that the remarkable growth of instant payment systems in Africa since last year is a testament to the collective commitment to driving positive change on the continent.

“We will continue our efforts to provide critical pre-project planning and program management support to expand SIIPS projects, advocate for critical policy reforms, and enhance the capacity of African institutions and payments industry experts,” he underlined.

The CEO said that AfricaNenda believes in the vision of universal financial inclusion in Africa by 2030 and acknowledges the critical role that partnerships play in achieving it.

 

Women and Social Affairs State Minister Huria Ali said on her part that it is important to create a generative, inclusive ecosystem on the continent.

Ethiopia is committed to promoting financial inclusion, she said, adding that the country is “working with the private sector to develop and implement innovative financial solutions that are tailored to the needs of all.”

According to her, the report provides valuable insight into the landscape of instant payment systems in Africa and their level of inclusivity. 

Although there has been significant progress in the development of instant payment systems in Africa in recent years, there are still some challenges and a need to be present in order to make the systems truly inclusive for women and others, the state minister stressed.