Nigeria Tops Africa’s Instant Payment Growth at $2tn

Nigeria has emerged as a continental leader in Africa’s rapidly expanding digital payments ecosystem, as instant payment systems across the continent processed transactions valued at nearly $2 trillion within the review period.

The report shows that Africa’s digital payments landscape is growing at an unprecedented pace, reflecting a major shift towards more inclusive and interoperable financial systems. Nigeria’s instant payment platform was highlighted as the first on the continent to attain a “mature inclusivity” status, setting a benchmark for other countries.

Across Africa, 36 instant payment systems are now operational in 31 countries, with several new systems launched recently. Collectively, these platforms processed billions of transactions, underscoring the continent’s accelerating transition to digital finance.

Industry leaders noted that inclusive instant payment systems are transforming economic interactions across Africa by expanding access to financial services, supporting livelihoods, enabling trade, and promoting economic growth. While progress has been steady, stakeholders acknowledged that significant gaps remain, particularly in countries yet to adopt fast payment systems.

Experts stressed the importance of prioritising inclusivity, affordability, and innovation in existing platforms, while encouraging countries without instant payment systems to begin implementation. Regional payment models were also highlighted as key to enabling faster and more cost-effective cross-border transactions.

The report further revealed increasing interoperability across Africa’s payment systems, with many platforms now linking banks, mobile money operators, and fintech companies. Beyond person-to-person transfers, instant payment systems are increasingly supporting person-to-business, government-to-person, and cross-border transactions, expanding their use cases and impact.

Policy experts emphasised that inclusion must be intentional to ensure digital payments reach women, youth, informal sector participants, and rural communities. They noted that data-driven insights from the report provide policymakers with tools to design financial ecosystems that are equitable, accessible, and sustainable.