Nigeria leads as Africa’s instant payment transactions hit $2tn

Nigeria has emerged as a continental leader in Africa’s fast-growing digital payments ecosystem, as instant payment systems across the continent processed transactions worth nearly $2 trillion in 2024, according to a new report.  

The State of Inclusive Instant Payment Systems, SIIPS, 2025 Report, released by the AfricaNenda Foundation in partnership with the World Bank and the United Nations Economic Commission for Africa, UNECA, show that Nigeria’s Instant Payments, NIP, is the first system in Africa to achieve “mature inclusivity”, setting a benchmark for other countries.

The report notes that Africa’s digital payments landscape is expanding at a record pace, signalling a major shift towards more inclusive and interoperable financial systems.

In total, 36 instant payment systems now live across 31 African countries, with five launched in the past year alone. Collectively, these systems processed 64 billion transactions valued at nearly $2 trillion in 2024, underscoring Africa’s rapid transition to digital finance.  

Chief Executive Officer of the AfricaNenda Foundation, Dr. Robert Ochola, said: “Inclusive instant payments are transforming how Africans connect economically. The findings of SIIPS 2025 show clear progress, more countries are adopting instant payment systems, and more people are gaining access to digital financial services that support livelihoods, trade and economic growth across the continent.”