• Africa’s instant payment systems processed 64 billion transactions worth $1.98 trillion in 2024, according to AfricaNenda.
• The continent counted 36 operational instant payment systems in June 2025, including 3 regional schemes (PAPSS, GIMACPAY, TCIB).
• Nigeria’s NIBSS Instant Payment remains the only system to reach a ‘mature inclusivity’ level.

Instant payment systems (IPS) expanded rapidly across Africa over the past five years, although only one system reached a mature level of inclusivity that covers all use cases, offers strong consumer-redress mechanisms and keeps end-user fees low.

Africa’s active IPS processed a record 64 billion transactions worth $1.98 trillion in 2024, according to a report released on 13 November by AfricaNenda Foundation, an independent organisation promoting payment system development on the continent.

The report, titled “The State of Inclusive Instant Payment Systems in Africa 2025 (SIIPS 2025)”, was produced with the World Bank and the UN Economic Commission for Africa. The document says the number of transactions grew 35% annually on average between 2020 and 2024, while total transaction value grew 26% annually during the same period.

Based on data from public and private stakeholders and African central banks, the report says Africa hosted 36 operational IPS in June 2025, up from 31 one year earlier. These include 33 national systems and three regional systems: the Pan-African Payment and Settlement System (PAPSS), GIMACPAY in CEMAC, and TCIB in SADC.

Between July 2024 and June 2025, five new 24/7/365 systems went live: Switch Mobile (Algeria), Fast Payment Module (Eswatini), LYPay (Libya), Salone Payment Switch (Sierra Leone) and Somalia Instant Payment System (SIPS).

Seven countries — Egypt, Ghana, Kenya, Morocco, Nigeria, South Africa and Tanzania — operate multiple IPS. In total, 31 African countries host instant payment systems. This figure should rise sharply as 19 additional countries, including Benin, Botswana, Guinea, Liberia, Mauritania and Madagascar, develop new systems.

The report identifies 16 inter-domain IPS, which connect multiple payment instruments such as bank accounts and mobile-money wallets. Mobile-money IPS (10) rank second, followed by bank-only IPS (6). Africa also counts one central-bank digital currency-based system: Nigeria’s eNaira.

Bank-led IPS recorded the strongest growth in processed volume, expanding 28% between 2023 and 2024, ahead of inter-domain systems (9%) and mobile-money systems (7%).

This trend also drove value growth. Bank IPS posted a 50% jump in value between 2023 and 2024, compared to 29% for inter-domain systems and 25% for mobile-money systems.

Average transaction values fell. Bank IPS dropped from $251 to $154 per transaction. Inter-domain averages fell from $225 to $95, while mobile-money IPS posted the lowest value at $11 per transaction.

Mobile Apps Dominate User Channels

The report says mobile apps remain the most used channel across Africa, with 33 systems relying on app-based payments, reflecting rising smartphone penetration.

USSD protocols rank second, with 25 systems using this channel to reach users with basic phones.

Browser-based banking comes third (22), followed by QR-code solutions (20) and human-assisted channels such as bank agents (16). POS terminals, ATMs and NFC channels rank lowest.

A total of 35 IPS support person-to-person (P2P) transfers and 27 systems support person-to-business (P2B) payments. Fifteen systems enable person-to-government (P2G) payments such as tax payments, and 16 systems support business-to-business (B2B) payments.

Only 11 systems support government-to-person (G2P) disbursements like pensions or social transfers, and 11 systems support cross-border payments.

The report says only one IPS in Africa has achieved a mature inclusivity level: Nigeria’s NIBSS Instant Payment. The system covers all use cases, maintains consumer-redress mechanisms exceeding regulatory baselines, and keeps end-user costs low.

However, 10 systems are progressing toward mature inclusivity, including GIMACPAY, EthSwitch (Ethiopia), National Financial Switch (Zambia), Mobile Money Interoperability (Ghana) and Instant Payment Network (Egypt).

Fifteen IPS remain at a basic inclusivity level, integrating only the most common channels and minimal functionality, while 10 systems remain unclassified due to missing data or failure to meet baseline criteria.

This article was initially published in French by Walid Kéfi

Adapted in English by Ange Jason Quenum