KEY POINTS

• Nigeria instant payment system reached mature inclusivity.
• Africa’s fast payments processed nearly $2 trillion in 2024.
• Interoperability is expanding across banks and fintechs.

Nigeria has emerged as a continental benchmark in Africa’s fast expanding digital payments market, after instant payment systems across the region processed transactions worth nearly $2 trillion in 2024, according to a new report by AfricaNenda Foundation and its partners.

The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, published in collaboration with the World Bank and the United Nations Economic Commission for Africa, found that Nigeria’s Instant Payments (NIP) platform is the first on the continent to achieve what it describes as “mature inclusivity.” The designation reflects broad access, interoperability and affordability across banks, mobile money operators and fintech platforms.

Nigeria instant payment system sets benchmark

Across Africa, the pace of adoption has accelerated sharply. Thirty six instant payment systems are now live in 31 countries, with five launched in the past year alone. They worked on roughly 64 billion transactions worth around $2 trillion in 2024, which shows a clear shift away from cash and toward digital finance.

The paper says that the Nigeria rapid payment system should be used as a model for other African economies that want to speed up payments without leaving out low-income users. Half of Africa’s instant payment systems now link banks, mobile money operators and fintechs through cross-domain platforms, improving reach and usability.

AfricaNenda Foundation Chief Executive Officer Robert Ochola said inclusive instant payments are reshaping how Africans participate in economic life, from everyday transfers to trade and business payments. He noted that more countries are moving toward systems that support livelihoods and regional commerce.

While Nigeria leads, progress is uneven. Ten countries moved into the “progressed” category on the AfricaNenda Inclusivity Spectrum, but several markets still lack fast payment infrastructure entirely.

Nigeria instant payment system highlights gaps

World Bank Acting Global Director for Finance, Competitiveness and Investment Niraj Verma said the uptake of fast payments is encouraging but warned that affordability and innovation remain critical gaps. He urged countries without instant payment systems to begin implementation, while those with existing platforms should deepen inclusion.

The research also says that there are more and more chances for regional integration.  Initiatives like the World Bank’s Project FASTT could further help make cross border quick payment methods cheaper and faster in African markets.

UNECA’s Chief of Innovation and Technology, Mactar Seck, said inclusion must be deliberate if digital payments are to benefit women, youth, rural communities and informal workers. The SIIPS data, he added, gives policymakers evidence to design systems that leave fewer people behind.