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Fast/Instant payments: An imperative for accelerating financial inclusion in Africa

by Holti Banka, Sabine Mensah and Andrea Monteleone - 25 March 2024

Photo: zeljkosantrac from Getty Images Signature

This blog delves into the dynamics of fast/instant payments, the urgent need for inclusivity, and the concerted efforts by AfricaNenda and the World Bank to help financial ecosystems evolve across Africa to boost access to finance, help close gaps in financial inclusion, enable governments to disburse funds at times of crises, and bring transparency to international remittances.

Fast/instant payments systems (FPS/IPS) underpin inter-operable payment services that enable real-time receipt of funds in payee’s account on a 24/7/365 basis. They are growing globally, driven by technological advancements that offer speed, efficiency, and accessibility and are transforming the way people, businesses, and governments make and receive payments. For example, FPS/IPS support usage of easy-to-remember aliases—such as mobile phone numbers or email addresses—instead of traditional payment addresses such as account numbers and bank identifiers.

Please read more of our joint blog with World Bank here: https://blogs.worldbank.org/en/psd/fast-instant-payments--an-imperative-for-accelerating-financial-#

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