Instant and Inclusive Payment Systems Capacity Collaboration

22 May 2024

Digital payments are a safe and efficient way to send and receive money or pay for goods and services. However, not every person has access to making payments digitally, and the payment services that are available, have often been set up as closed-loop systems, which means they are limited in the relevant services they can provide, particularly to low-income consumers. Instant and inclusive payment systems are a crucial component required to serve this consumer base and move towards financial inclusion. While on one hand these systems are designed to remove barriers and facilitate instant availability of funds for consumers, on the other, they facilitate economies of scale and competition for payment service providers, which contributes to the growth and expansion of the digital payments ecosystem and inclusive finance.

With clear mission alignment between organisations and complementing solutions, this tripartite collaboration was established to accelerate progress in establishing these instant and inclusive payment systems across Africa. The Alliance of Digital Finance Associations has a diverse and localised membership of in-country Associations who will provide on the ground expertise and resource for partnerships, collaboration and implementation of projects and research. AfricaNenda is the Alliance’s first Partner Member and will be collaborating with the Alliance’s DFA members in promoting discussions, building capacity and in the implementation of instant and inclusive payment systems. Many of the Alliance’s DFA members were established through the Digital Frontier’s Community of Practice programme.

AfricaNenda supports the expansion of a broader pipeline of fundable, instant, and inclusive payment system projects. As a convening actor, AfricaNenda executes its vision by enhancing capacity building for African institutions and supporting African governments and organizations, facilitating pre-project support, knowledge sharing across countries and sectors, and by providing tools and training in digital payment systems.

Digital Frontiers developed and delivers the IIPS certified training programme. The IIPS programme covers the business, technological, and regulatory practices of IIPS and has produced more than 400 graduates from 95 countries. The program is producing a bench of IIPS experts available to shape and implement IIPS systems and is proud to see AfricaNenda utilising these experts as it has recently done in Zambia. Digital Frontiers also hosts a global community of around 15,000 digital finance professionals and convenes them through Community of Practices, webinars, a cultivated knowledge bank of resources and the League of Digital Finance Professionals, sharing knowledge, best practice and innovations in the digital finance industry. Digital Frontiers is also an Honorary Member of the Alliance of Digital Finance Associations.

This first initiative of this collaboration was a webinar discussing How Might We Accelerate Financial Inclusion by Promoting IIPS in Africa. Expect to see more joint webinars and events, knowledge sharing, and thought leadership over the coming months as these organisations align further to realise the success of this collaboration.

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