ADDIS ABABA - A newly released report has shown a significant growth trajectory in Africa's instant payment systems, spotlighting the strides made in digital financial infrastructure on the continent.
According to Ethiopian News Agency, the second edition of their report emphasizes recent advancements in instant payment systems and underscores the importance of cross-border retail payment policy and regulatory harmonization across Africa. Despite the progress in transaction volumes and values, the report points out the necessity for these systems to be more inclusive to effectively contribute to Africa's digital public infrastructure.
The SIIPS report indicates that within the past year, Ethiopia, Morocco, and South Africa have each launched new instant payment systems, increasing the total to 32 systems across the continent. These systems are expected to handle nearly 32 billion transactions worth around 1.2 trillion USD in 2022.
Roberto Ochola, CEO of AfricaNenda, remarked at the report's launch that the marked growth of these systems is a reflection of a joint commitment to drive substantial change in Africa. Ochola emphasized the ongoing support AfricaNenda provides in pre-project planning, policy reform advocacy, and enhancing the expertise within African institutions and the payments industry.
In her comments, Ethiopia's State Minister of Women and Social Affairs, Huria Ali, emphasized the necessity of establishing an inclusive ecosystem on the continent. She asserted Ethiopia's dedication to advancing financial inclusion and to collaborating with the private sector in crafting and implementing financial solutions that cater to diverse needs. Ali recognized the report as an insightful resource on the current state of instant payment systems in Africa and the inclusivity challenges that remain, particularly for women and marginalized groups.