• SIIPS rates country’s NIP high, seeks further
• 75% of cash-first users cited fraud risks as key barrier to adoption
Digital payments landscape in Nigeria and other parts of Africa is expanding at a record pace, marking a turning point towards more inclusive interoperable financial systems.
The State of Inclusive Instant Payment Systems (SIIPS) 2025 Report, released by the AfricaNenda Foundation, in partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA), revealed how Instant Payment Systems (IPS) are driving economic participation, innovation and opportunity across the continent.
Now in its fourth edition, SIIPS 2025 is Africa’s leading benchmark for inclusive instant payment systems (IIPS). The report showed that 36 systems are now live across 31 African countries, with five launched over the past year. Collectively, they processed 64 billion transactions worth nearly $2 trillion in 2024, underscoring Africa’s rapid transition to digital finance.
Chief Executive Officer, AfricaNenda Foundation, Dr Robert Ochola, said inclusive instant payments are transforming how Africans connect economically.
“The findings of SIIPS 2025 show clear progress – more countries are adopting instant payment systems, and more people are gaining access to digital financial services that support livelihoods, trade and growth across the continent,” Ochola stated.
Acting Global Director, Finance, Competitiveness & Investment Global Department, World Bank, Niraj Verma, said: “The latest SIIPS report shows steady progress across Africa in the uptake of fast payments. This is promising and represents a great start, but there is much work to be done. Countries without fast payment systems should initiate implementation, while those already operating them should focus on enhancing inclusivity, innovation, and affordability in digital payment services. Regional FPS models have demonstrated a unique opportunity to facilitate cost-efficient and speedy cross-border payments and could be explored for scaling across regions and ultimately across the entire continent.
“At the World Bank Group, we believe fast payments development promotes broader goals such as financial inclusion, job creation, and trade facilitation.
Through Project FASTT, the World Bank continues to help countries build and strengthen fast payment ecosystems through financing, technical assistance, and capacity building.”
The report highlighted increasing interoperability across systems, with half of Africa’s IPS now connecting banks, mobile money operators and fintechs through cross-domain platforms.
It revealed that Nigeria’s Instant Payments (NIP) became the first system to achieve mature inclusivity on the AfricaNenda Inclusivity Spectrum, while 10 others have advanced to progressive levels.
Beyond person-to-person (P2P) transfers, more systems are enabling person-to-business (P2B), government-to-person (G2P), and cross-border payments.
Research conducted in Angola, Côte d’Ivoire, Madagascar and Tunisia found that individuals are adopting digital payments faster than merchants, particularly in emerging and nascent markets. Adults over 30 and those with regular incomes remain the most active users, while young adults and women continue to face barriers such as fraud concerns, a lack of identification, and limited access to agents.
Between 50 and 75 per cent of cash-first users cited fraud risks as a key barrier to adoption. Addressing these challenges, the report notes it will be critical to ensure that digital payments are safe and accessible for all.
Chief of Section, Innovation and Technology, UNECA, Dr Mactar Seck, said: “For digital payments to reach everyone, inclusion must be intentional. The data from SIIPS 2025 gives policymakers and regulators the confirmation they need to design ecosystems that serve marginalised parts of Africa’s communities. That is, women, youth, the informal sector and those in rural communities at large.”
The report highlighted significant opportunities for growth through the integration of Digital Public Infrastructure (DPI), government-to-person (G2P) payments, and cross-border interoperability.
With 36 countries now having live IPS, digital IDs, and data protection laws, better coordination across these systems could make Africa’s financial ecosystem more inclusive and secure financial ecosystems.
Scaling G2P and cross-border use cases, the report finds, will require improved digital identity coverage, regulatory harmonisation and stronger collaboration between public and private sectors. These efforts are crucial to Africa’s ambition of creating a single, digitally connected market.
