AfricaNenda, a nonprofit organization backed by the World Bank and the United Nations Economic Commission for Africa (UNECA), has urged African governments and instant payment system (IPS) operators to contribute data for its 2025 State of Inclusive Instant Payment Systems (SIIPS) Africa Report.
The annual study, which evaluates the adoption, challenges, and inclusivity of real-time payment platforms across the continent, aims to guide policies that expand financial access for underserved populations.
In an open letter to central banks and IPS providers, AfricaNenda CEO Robert Ochola emphasized the critical role of data in mapping progress, identifying systemic barriers, and fostering interoperable solutions. “The insights we gather directly inform strategies to close gaps in affordability, interoperability, and digital literacy,” Ochola stated, noting that only nine of Africa’s 31 active IPS platforms currently meet inclusive benchmarks. The call comes as the foundation published its 2024 SIIPS report, revealing explosive growth in instant payments alongside persistent financial exclusion.
According to the 2024 findings, African IPS platforms processed $1 trillion across 49 billion transactions in 2023 a 273% surge in value and 47% rise in volume since 2020. Despite this growth, 400 million adults, 60% of whom are women, remain excluded from formal financial services. Barriers include high transaction costs, fraud concerns, and a preference for cash due to reliability issues. The report also flagged regulatory fragmentation, urging harmonized standards to streamline cross-border payments.
Ochola stressed that inconsistent data submission from countries hinders accurate analysis. While nations like Ghana regularly share detailed metrics, others provide minimal or no information, complicating efforts to track progress. “Data transparency is not optional—it’s foundational to designing inclusive systems,” he said, outlining how past contributions have informed infrastructure upgrades and policy reforms. For example, seven new IPS platforms are set to launch in Africa within 18 months, partly driven by SIIPS recommendations.
The 2025 report will classify countries as “basic,” “progressive,” or “mature” in their IPS development, assessing factors like rural reach, gender parity, and transaction affordability. AfricaNenda’s appeal underscores a broader push to align Africa’s payment systems with the African Continental Free Trade Area (AfCFTA) goals, which target seamless intra-regional commerce.
The 2024 findings, accessible via AfricaNenda’s website, highlight stark disparities: while IPS transaction values have grown at an average annual rate of 39%, nearly 40% of adults still lack financial access. Experts argue that closing this gap requires coordinated action on digital literacy, regulatory alignment, and affordable pricing all areas where the SIIPS report aims to catalyze progress.
As African nations navigate a fragmented payments landscape, the call for data collaboration reflects a pivotal truth: inclusive growth cannot be achieved in silos. With real-time payments poised to reshape the continent’s economic fabric, the choices made today between transparency and opacity, collaboration and isolation will determine whether Africa’s digital leap leaves millions behind or lifts them upward.
