Africa expands instant payments as systems hit record 36
African nations processed nearly two trillion dollars across 64 billion digital payment transactions through 36 operational instant payment systems spanning 31 countries, according to findings from AfricaNenda Foundation released in partnership with the World Bank and United Nations Economic Commission for Africa. Nigeria’s platform achieved mature inclusivity status while half the continent’s infrastructure now connects banking institutions with mobile money providers and financial technology companies through cross-domain networks.
World Bank official Niraj Verma urged governments without fast payment frameworks to begin implementations while encouraging existing operators to emphasize affordability and innovation, noting regional models could facilitate efficient cross-border settlements. Research across Angola, Ivory Coast, Madagascar and Tunisia revealed fraud concerns deter 50 to 75 percent of cash-preference users from adopting digital methods, with women and youth facing barriers including identification requirements and limited agent access, despite adults over 30 demonstrating the highest adoption rates.
