Africa’s Instant Payment Boom: Over 64 Billion Transactions Recorded in 2024
Africa’s financial landscape is undergoing a rapid transformation driven by the widespread adoption of instant payment systems. The latest SIIPS 2025 (System of Inclusive Instant Payment Systems) report, released on November 13, 2025, by AfricaNenda in collaboration with the World Bank and the UN Economic Commission for Africa (ECA), highlights the remarkable growth of these systems across the continent. The report reveals that 36 instant payment systems are now operational in 31 African countries, fueling unprecedented levels of financial digitization.
Key Findings from the SIIPS 2025 Report
The SIIPS 2025 report showcases impressive growth in the adoption of instant payment systems in Africa. Between 2020 and 2024, the total volume of transactions processed by these systems surged by an average of 35% annually, reaching a staggering 64 billion transactions. The cumulative value of these transactions has surpassed $1.98 trillion, marking a historic high. While mobile money-based instant payment systems remain the most frequently used in terms of transaction volume, bank-based instant payment systems are experiencing the fastest growth, with a year-on-year increase of 50%. The past year saw the launch of five new national systems: Switch Mobile (Algeria), LYPay (Libya), EPS Fast Payment Module (Eswatini), Salon P.
In conclusion, the SIIPS 2025 report paints a compelling picture of Africa’s accelerating journey towards a digitized financial future. The increasing adoption of instant payment systems is not only driving financial inclusion but also fostering economic growth across the continent. The rise of both mobile money and bank-based systems demonstrates a diversified and dynamic payment ecosystem that is well-positioned to support Africa’s continued economic development.
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