By Juliet Umeh
Nigeria has cemented its position as a leader in Africa’s rapidly expanding digital payments ecosystem, according to the 2025 State of Inclusive Instant Payment Systems, SIIPS, report. The study, released by the Africa Nenda Foundation in partnership with the World Bank and the United Nations Economic Commission for Africa, UNECA, shows that instant payment systems across the continent processed nearly $2 trillion in transactions in 2024.
The report highlights Nigeria’s Instant Payments system, NIP, as the first in Africa to achieve “mature inclusivity,” setting a benchmark for other countries on the continent.
“Africa’s digital payments landscape is growing at an unprecedented pace, signalling a shift towards more inclusive and interoperable financial systems,” said Dr. Robert Ochola, Chief Executive Officer of the AfricaNenda Foundation. “The SIIPS 2025 findings show that more Africans are gaining access to digital financial services that support trade, livelihoods, and economic growth.”
Across the continent, 36 instant payment systems are now live in 31 African countries, with five new systems launched in the past year. Collectively, these systems processed 64 billion transactions valued at nearly $2 trillion in 2024, underscoring the continent’s swift transition to digital finance.
Niraj Verma, Acting Global Director for Finance, Competitiveness, and Investment at the World Bank, noted that while progress is encouraging, gaps remain. “Countries without fast payment systems should begin implementation, and those already operating them must prioritise inclusivity, innovation, and affordability,” he said.
The report also points to growing interoperability across Africa’s payment systems. Approximately half of the continent’s instant payment systems now connect banks, mobile money operators, and fintechs through cross-domain platforms. Beyond person-to-person transfers, many systems now enable person-to-business, government-to-person, and cross-border payments, broadening access and use cases for instant payments.
Dr. Mactar Seck, Chief of Section, Innovation and Technology at UNECA, emphasised the importance of intentional inclusion: “The SIIPS 2025 data provides policymakers with the evidence needed to design ecosystems that serve women, youth, informal sector operators, and rural communities.”
With Nigeria leading in mature inclusivity, the report highlights the country as a model for Africa, demonstrating the transformative potential of instant payment systems in driving financial inclusion and economic growth.
