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AfricaNenda Launches The SIIPS Report 2024
In partnership with the World Bank and the United Nations Economic Commission for Africa (UNECA), Africa Nenda has launched the SIIPS Report 2024.
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Africa’s instant payment hits $1 trillion; inclusivity lags behind
Africa’s instant payment systems (IPSs) achieved a staggering milestone in 2023, recording $1 trillion in transaction value across 49 billion payments, according to the AfricaNenda Foundation’s State of Inclusive Instant Payment Systems (SIIPS) in Africa Report.
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Key Insights On Building Trust, Overcoming Barriers, And The Path To Habitual Use Of Digital Payments In Africa
The increasing adoption of digital payment systems (DPS) across Africa, particularly in urban and peri-urban areas, reflects an ongoing effort to enhance financial inclusion. A report examining the progress and challenges of these systems across several African countries in 2022 and 2023 highlights key insights into how digital payments are evolving and what remains necessary to drive habitual use. The findings underscore a significant reliance on two fundamental principles: reliability and convenience. These factors are critical for motivating both individuals and small businesses to transition from sporadic to habitual users of digital payment systems (IPS).
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