Nigeria has taken the lead in Africa’s rapidly expanding digital payments space, as instant payment systems across the continent processed transactions worth almost $2 trillion in 2024, according to a new continental report.
The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, released by the AfricaNenda Foundation in collaboration with the World Bank and the United Nations Economic Commission for Africa (UNECA), revealed that Nigeria’s Instant Payment system (NIP) is the first in Africa to reach what it described as “mature inclusivity.” This milestone places Nigeria ahead of its peers and sets a clear benchmark for other African countries.
The report highlights how Africa’s digital payments landscape is growing at an unprecedented rate, signalling a major shift towards faster, more inclusive and interoperable financial systems. Currently, 36 instant payment systems are live across 31 African countries, with five new systems launched in just the past year. Together, these platforms processed about 64 billion transactions valued at nearly $2 trillion in 2024.
Speaking on the findings, Chief Executive Officer of the AfricaNenda Foundation, Dr Robert Ochola, said inclusive instant payments are reshaping how Africans participate in the economy. According to him, more countries are adopting these systems, giving millions of people access to digital financial services that support daily livelihoods, trade and overall economic growth.
Also commenting, the Acting Global Director for Finance, Competitiveness and Investment at the World Bank, Niraj Verma, said the steady adoption of fast payment systems across Africa is encouraging but warned that gaps still exist. He noted that countries without such systems need to begin implementation, while those already running them must focus on inclusivity, innovation and affordability.
Verma added that regional payment models could help deliver cheaper and faster cross-border payments. He explained that through Project FASTT, the World Bank continues to support African countries with funding, technical assistance and capacity building to strengthen their payment ecosystems.
The report further points to growing interoperability across Africa, with about half of the continent’s instant payment systems now linking banks, mobile money operators and fintech companies on shared platforms. While Nigeria has reached the mature stage, 10 other African countries have moved up to the “progressed” level on the AfricaNenda Inclusivity Spectrum.
Beyond simple person-to-person transfers, more payment systems are now enabling person-to-business, government-to-person and cross-border transactions, expanding how instant payments are used across the continent.
On inclusion, Chief of Section for Innovation and Technology at UNECA, Dr Mactar Seck, stressed that digital payment systems must be designed deliberately to serve everyone. He said the SIIPS 2025 data provides policymakers with the evidence needed to build systems that truly reach women, young people, informal sector workers and rural communities.
Overall, the report paints a picture of strong momentum, with Nigeria standing out as a continental leader in Africa’s digital finance transformation.
