Nigeria and other African countries are witnessing rapid growth in digital payments, signaling a shift toward more inclusive and interoperable financial systems.

According to the State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, obtained over the weekend, 36 instant payment systems (IPS) are now live across 31 African countries, with five new systems launched in the past year. Collectively, these systems processed 64 billion transactions valued at nearly $2 trillion last year, highlighting Africa’s fast transition to digital finance.

The report, released by the AfricaNenda Foundation in partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA), showcases how inclusive instant payment systems (IIPS) are expanding economic participation, fostering innovation, and creating opportunities across the continent.

Africa’s Benchmark for Digital Inclusion
Now in its fourth edition, SIIPS 2025 serves as Africa’s leading benchmark for inclusive instant payment systems. Dr. Robert Ochola, CEO of AfricaNenda Foundation, emphasized that IIPs are redefining how African economies connect:

“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 growth across the continent.”

World Bank Perspective
While acknowledging progress, the World Bank stressed the need for continued expansion. Niraj Verma, Acting Global Director, Finance, Competitiveness & Investment, urged countries without fast payment systems to begin implementation, and those with existing systems to enhance inclusivity, innovation, and affordability.

He added:

“Regional FPS models present a unique opportunity for cost-efficient and speedy cross-border payments and could be scaled across the continent. Fast payments development promotes financial inclusion, job creation, and trade facilitation. Through Project FASTT, the World Bank continues to support countries in strengthening fast payment ecosystems via financing, technical assistance, and capacity building.”

Interoperability and System Inclusivity
The report highlights growing interoperability, with half of Africa’s IPS now connecting banks, mobile money operators, and fintechs through cross-domain platforms. Nigeria’s Instant Payments (NIP) system became the first to achieve mature inclusivity, while 10 other countries reached progressed levels.

Beyond person-to-person (P2P) transfers, many systems now support person-to-business (P2B), government-to-person (G2P), and cross-border payments, expanding their impact.

Adoption Challenges
Research in Angola, Côte d’Ivoire, Madagascar, and Tunisia shows that individuals are adopting digital payments faster than merchants, particularly in emerging markets. Adults over 30 and those with regular income are the most active users, while women and young adults face barriers such as fraud concerns, lack of identification, and limited agent access. Between 50–75% of cash-first users cited fraud risk as a key adoption barrier.

Policy Implications
Dr. Mactar Seck, Chief of Section, Innovation and Technology at UNECA, noted:

“For digital payments to reach everyone, inclusion must be intentional. SIIPS 2025 provides policymakers with the data needed to design ecosystems that serve women, youth, the informal sector, and rural communities.”

The report identifies opportunities to expand digital public infrastructure (DPI) integration, G2P payments, and cross-border interoperability. Strengthening digital IDs, regulatory harmonization, and public-private collaboration will be key to scaling these services and advancing Africa’s goal of a single, digitally connected market.

Continental Dialogue
The SIIPS 2025 launch, hosted by the Central Bank of Eswatini (CBE), brought together central banks, payment operators, policymakers, development partners, and media from across Africa to discuss strategies for advancing inclusive instant payments and driving the continent’s digital future.