Instant Payment Transactions in Africa Hit $1.9 Trillion in 2024

BY favour momodu
November 16, 2025
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Africa recorded over $1.9 trillion in instant payment transactions in 2024, marking one of the continent’s strongest expansions in digital financial services to date.

This is according to the 2024 State of Inclusive Instant Payment Systems (SIIPS) Report, released on Thursday by the AfricaNenda Foundation in collaboration with the Central Bank of Eswatini (CBE), the World Bank, and the United Nations Economic Commission for Africa (UNECA).

The annual report reveals rapid growth in the adoption of real-time payment platforms across African markets, driven by increasing mobile money penetration, innovations in fintech, and stronger regulatory support from central banks.

According to the findings, more African countries are deploying inclusive instant payment systems that allow individuals and businesses to make secure transactions within seconds, at low cost, and across multiple financial platforms.

Analysts say this trend is helping bridge financial inclusion gaps and strengthen intra-African commerce.

The SIIPS report also highlights improved interoperability between banks, mobile money operators, and other financial institutions, enabling millions of users to move money seamlessly across networks.

Countries with mature mobile money ecosystems such as Kenya, Ghana, Nigeria, and Tanzania were noted as key contributors to the surge in transaction volumes.

Despite the positive growth, the report points to challenges that still need to be addressed, including limited cross-border payment capabilities, inconsistent regulatory frameworks, and infrastructure gaps in rural communities.

AfricaNenda and its partners urged governments and financial institutions to invest more in robust digital infrastructure, cybersecurity, and policy harmonization to sustain the momentum.

Overall, the 2024 SIIPS Report positions instant payments as one of the fastest-growing pillars of Africa’s digital economy, with the potential to accelerate economic inclusion for millions across the continent.