Africa’s digital payments landscape achieved a major milestone in 2024, with instant payment transaction values surpassing $1.9 trillion, according to the newly released State of Inclusive Instant Payment Systems (SIIPS) 2025 report. Produced by the AfricaNenda Foundation in partnership with the Central Bank of Eswatini, the World Bank, and the United Nations Economic Commission for Africa, the report documents the rapid expansion and growing maturity of real-time payment infrastructure across the continent.

The findings reveal that Africa’s instant payment systems (IPS) have grown at an exceptional pace over the past four years. Transaction value increased from $775.7 billion in 2020 to $1.98 trillion in 2024, with transaction volumes reaching $64.6 billion. IPS now operate as foundational financial rails, supporting low-value, real-time transactions 24 hours a day, enhancing both consumer convenience and economic activity.

The report identifies 36 active instant payment systems across 31 countries, with five new systems launched in the past year alone. These include Switch Mobile in Algeria, the Fast Payments Module in Eswatini, LYPay in Libya, Salon Pement Switch in Sierra Leone, and the Somalia Instant Payment System.

This continued growth reflects a broader continental shift toward universal, low-cost, and inclusive digital payments. According to AfricaNenda CEO Robert Ochola, while progress is strong, the next phase must emphasise greater affordability, broader access, and deeper integration into daily financial life. He noted that more African countries must adopt IPS and ensure that the systems already in place deliver inclusive value, supporting livelihoods and small business activity.

A central theme of the SIIPS 2025 report is the expansion of regional payment systems, which are emerging as catalysts for cross-border financial interoperability. Key systems highlighted include GIMACPAY in Central Africa, the Pan-African Payment and Settlement System (PAPSS) in West Africa, and the SADC Instant Payment System in Southern Africa.

These regional infrastructures already connect dozens of countries. GIMACPAY links six Central African nations; PAPSS facilitates payments across Nigeria and 12 other West African economies; and SADC’s IPS is operational across six Southern African states, including South Africa, Zambia, and Zimbabwe.

The report notes that four additional blocs — COMESA, EAC, ECOWAS, and WAEMU — are progressing toward their own instant payment frameworks. If successfully implemented, these initiatives could significantly strengthen Africa’s regional economic integration.

Despite strong growth, experts caution that key challenges remain. A recurring concern is freedom of movement, which directly affects the viability of cross-border payments. Premier Oiwoh, CEO of the Nigeria Inter-Bank Settlement System (NIBSS), emphasised that Africa cannot deepen trade or digital payments without improving mobility across borders.

World Bank officials similarly stressed the need to scale regional fast payment models and improve their efficiency. Achieving full interoperability — both across countries and across systems — will require stronger collaboration among regulators and central banks.

The SIIPS 2025 findings reflect a continent undergoing a structural evolution in financial services. With rising transaction volumes, expanding domestic and regional systems, and growing policy momentum, Africa is positioning instant payments as a core driver of economic modernisation. Continued progress will now depend on inclusion, interoperability, and the removal of barriers that limit cross-border financial flows.