Africa’s instant payments ecosystem is expanding at unprecedented speed, reaching $1.98 trillion in value in 2024 as real-time financial infrastructure reshapes markets, accelerates inclusion, and deepens economic participation.
A new report by the AfricaNenda Foundation, the World Bank, and the UN Economic Commission for Africa shows the continent now hosts 36 live instant payment systems (IPS) across 25 countries, up from 31 in the previous year.
Eswatini, Sierra Leone, and Somalia were among the latest to deploy national real-time payment platforms. Together, the systems processed more than 64 billion transactions, supported by an average annual growth rate of 26% since 2020.
Instant payment systems enable irrevocable, near-real-time digital transfers available 24/7 year-round. When fully inclusive — meaning interoperable, low-cost, and accessible to all licensed providers — they function as the backbone of digital public infrastructure. “IPS and fast payment systems are synonymous,” the SIIPS 2025 report explains, underscoring their central role in financial modernisation.
Although most payments remain low-value — averaging around $11 — the adoption of instant transfers is growing rapidly. Bank-connected IPS are emerging as the fastest-growing segment, posting a 50% rise in transaction volumes between 2023 and 2024 as SMEs, retailers, and consumers increasingly shift away from cash.
A new chapter: Cross-domain systems lead the transformation
The SIIPS 2025 report highlights that Africa is undergoing a structural shift toward cross-domain instant payment systems, which allow banks, mobile money operators, microfinance institutions, and fintechs to interoperate seamlessly on a single platform.
Four of the five new systems launched since mid-2024 — in Algeria, Eswatini, Sierra Leone, and Somalia — fit this category, enabling what the report calls “all-to-all interoperability”.
By June 2025:
•16 domestic IPS were cross-domain, the continent’s largest and fastest-growing category.
•10 systems were mobile money IPS.
•6 remained bank-only.
•1 system — Nigeria’s eNaira rail — runs as a sovereign digital currency IPS.
Nigeria’s NIBSS Instant Payment (NIP) became the first African system to reach “mature inclusivity”, meaning it features broad access, a diverse set of use cases, robust governance, and strong interoperability.
AfricaNenda stresses the broader macroeconomic significance of this shift. Inclusive instant payment systems “do more than move money. They move economies,” the report argues, linking real-time payments to higher GDP growth per capita and reduced informality in multiple markets.
Digital habits evolve — and new opportunities unfold
User research across Angola, Côte d’Ivoire, Madagascar, and Tunisia shows behavioural change taking root: digital transaction frequency is rising, trust is improving, and more consumers are paying merchants, sending remittances, saving, or settling bills via instant payments rather than cash.
But barriers remain. Many users report network reliability issues, uncertain fees, fraud concerns, and weak recourse mechanisms — key obstacles for first-time adopters.
The continent’s financial inclusion landscape remains uneven:
- 42% of African adults still lack a bank account or mobile wallet, and
•49% have not made or received a digital payment.
Yet the network effects of real-time payments — particularly when integrated with national ID systems, simplified KYC, and interoperable QR-code solutions — are accelerating adoption.
The SIIPS 2025 report identifies several significant growth opportunities:
- Cross-border instant payments, especially within ECOWAS, SADC and EAC regions.
•Digital government-to-person (G2P) transfers, which can boost inclusion and reduce leakage.
•Merchant digitisation, particularly for small informal retailers.
•Integration of instant payments with digital public infrastructure, enabling scalable financial services and e-commerce.
Cross-border payments remain the most complex frontier, but progress is gathering momentum. AfricaNenda highlights regional schemes such as TCIB (Transactions Cleared on an Immediate Basis) in southern Africa and GIMACPAY in Central Africa, which demonstrate the feasibility of real-time, multi-country payment rails.
Can instant payments reshape Africa’s economies by 2030?
Africa’s rapid expansion from 31 to 36 live IPS in just 12 months demonstrates how swiftly the landscape is changing. But the report warns that availability alone does not guarantee impact — inclusivity will ultimately determine whether real-time payments transform economic opportunities.
Key recommendations for African policymakers and regulators include:
- Strengthening governance frameworks to ensure fair access for all payment providers.
•Lowering transaction costs to encourage everyday use.
•Expanding merchant acceptance, especially via interoperable QR and USSD.
•Improving cybersecurity and fraud mitigation tools to build trust.
•Harmonising cross-border rules, reducing remittance costs, and supporting AfCFTA integration.
For many African nations, instant payments are increasingly seen as essential infrastructure — similar to mobile networks or electricity grids — enabling everything from informal commerce to SME financing and regional trade.
Eswatini’s central bank governor Phil Mnisi, quoted in the SIIPS report, argues that Africa can accelerate financial inclusion “through integrated and affordable instant payment systems,” connecting people to savings, credit, merchant payments, and entrepreneurship opportunities.
With transaction values approaching $2tn and adoption climbing across diverse markets, the question now is not whether instant payments will shape Africa’s financial future — but how far and how fast this transformation can go.
