Key players in Africa’s Instant Payment Systems (IPS) industry convened at the Mövenpick Ambassador Hotel, Accra, on Wednesday for the launch of the 2024 State of Inclusive Instant Payment Systems in Africa report. Attendees included top bankers, regulators, policymakers, multilateral institutions, and global partners.
The annual report, produced in collaboration with AfricaNenda, the World Bank, and the United Nations Economic Commission for Africa (UNECA), provides an in-depth analysis of IPS growth and its role in promoting financial inclusion across Africa. This year’s 116-page report highlights a dynamic financial ecosystem with significant potential to serve the continent’s underserved populations.
IPS in Africa has seen substantial growth, with transaction volumes and values increasing by 37% and 39%, respectively, over the past five years. In 2023 alone, the system processed 49 billion transactions, surpassing $1 trillion in total value. This expansion is driven by rising mobile penetration, fintech innovations, and supportive regulatory frameworks.
Despite these advancements, challenges persist. Concerns about interoperability, digital infrastructure gaps, and limited access for low-income communities remain. Over 400 million Africans are still excluded from the IPS network. Fraudulent activities and regional money transfer system deficiencies further complicate the landscape.
Robert Ochola, CEO of AfricaNenda, emphasized the importance of inclusion and accessibility in his remarks. “Our collective goal is universal financial inclusion by 2030. Achieving this vision requires expanding IPS to reach every citizen, particularly in rural and underserved areas,” he stated.
Experts at the event echoed the need for affordability, trust, and convenience to ensure IPS benefits the majority of Africans. With 27 new IPS initiatives in the pipeline, the potential for transformative impact remains high, but only through concerted, deliberate efforts can full financial inclusion be achieved.
- Tags: Africa, Finance, Instant Payment Systems
