Record Growth in Africa’s Instant Payment Systems in 2023

(Ecofin Agency) - Despite double-digit growth in the volume and value of transactions processed over the past five years, none of the 31 active instant payment systems on the continent have reached a mature level of inclusivity, characterized by coverage of all use cases, the availability of strong grievance mechanisms, and low costs for end users.

In 2023, active instant payment systems (SPI) across Africa processed a record 49 billion transactions, totaling a value of $1,036 billion, according to a report released on November 20 by AfricaNenda, an independent organization focused on digital financial services development in collaboration with the World Bank and the United Nations Economic Commission for Africa.

The report, titled "The State of Inclusive Instant Payment Systems in Africa SIIPS 2024," reveals that transaction volumes handled by these systems grew by an average of 37% per year from 2019 to 2023...read more on Ecofin Agency

Source: Ecofin Agency