Instant Payment Systems in Africa Process Record 49 Billion Transactions Worth $1036 Billion in 2023
According to a recent report by AfricaNenda, instant payment systems (IPS) in Africa processed a record 49 billion transactions with a total value of $1036 billion last year.
The report also indicates that the volume of transactions processed by these systems has grown at an average annual rate of 37% between 2019 and 2023. Meanwhile, the value of transactions recorded has grown at an average annual rate of 39% over the past five years.
Based on insights from industry players, digital financial services experts, central banks, and consumer surveys, the report reveals that Africa had 31 active IPS in June 2024, down from 32 in June 2023. These include 28 national systems (including Tunisia's mobile money) and 3 regional systems: the Pan-African Payment and Settlement System (PAPSS), GIMACPAY (CEMAC), and TCIB (SADC).
Only seven countries (Egypt, Ghana, Kenya, Morocco, Nigeria, South Africa, and Tanzania) have multiple operational IPS, but Ghana remains the only country where national systems are interoperable.
In total, 26 out of 54 African countries have IPS, but this number is expected to double in the coming years as 27 countries prepare to launch their own IPS.
