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This blog is part of a series documenting our program’s journey to accelerate the development of inclusive payments systems for universal access to financial services in Africa. #IAmAfricaNenda
Accelerating Financial Inclusion in Africa: The Journey Toward Inclusive Instant Payment Systems
Miriam wakes up early in her small village in rural Uganda, determined to make the most of her day. Her dreams are as vibrant as the fabrics she sews: to buy a second sewing machine, hire an assistant, and turn her small business into a reliable source of income for her family.
However, as one of Africa’s 400 million unbanked individuals, Miriam faces daily financial uncertainty. Without access to formal financial services, she stores her earnings in a tin box under her bed.
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4 ways Africa can accelerate the spread of Inclusive Instant Payment Systems
Instant Payment Systems (IPS) are rapidly transforming Africa’s financial landscape. The State of Inclusive Instant Payment Systems in Africa 2024 (SIIPS 2024) report and the experts who convened at the report’s launch to discuss key issues in IPS development highlight areas of progress.
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Building a Foundation for Digital Public Infrastructure in Financial Services
Digital Public Infrastructure (DPI) is emerging as a transformative force in financial inclusion. The UN defines DPI as a set of shared digital systems for providing digital identity, digital payments, and consent-based data that are secure and interoperable, built on open standards at a societal scale, and governed by applicable legal frameworks and enabling rules. As nations embrace the shift towards digital economies, DPI’s foundational elements of digital ID, data sharing, and digital payments become crucial.
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