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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
From the Continent, For the Continent: Building Homegrown Instant Payment Systems to Drive Financial Inclusion in Africa
Imported technologies might offer speed, but do not necessarily guarantee fit. Africa’s financial systems must account for our informal economies, our language diversity, our infrastructure gaps, and our shared ambition for equity. As Dr. Robert Ochola, CEO of AfricaNenda Foundation, reminded us: “Africa can build its own systems and make them world-class.”
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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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