Real-time payments are projected to contribute more than $15 billion in additional GDP growth to Nigeria and South Africa by 2028, according to the Real-Time Payments: Economic Impact and Financial Inclusion report published by ACI Worldwide, an original innovator in global payments technology, in collaboration with The Centre for Economics and Business Research (Cebr).
Key findings include:
- Nigeria: Real-time payments contributed $7 billion to GDP in 2023, with projections reaching $15 billion by 2028. Banking penetration is expected to grow by 6.5%, unlocking a $40 billion profit potential for financial institutions.
- South Africa: Banking inclusion is set to rise by 0.8%, adding $899 million in profits for banks, while GDP contributions from real-time payments are expected to double to $486 million by 2028.
The report leverages data from 40 countries and reveals—for the first time—an empirical link between real-time payments and financial inclusion.
Real-time payments drive economic growth and give citizens access to fast and affordable financial services.
According to the report, real-time payments increased GDP across all 40 countries surveyed by $164 billion in 2023, equivalent to the labour output of 12 million workers.
Additionally, the associated financial inclusion uplift experienced by many countries as a result of increasing real-time transactions presents significant new revenue opportunities for financial institutions.
As Africa’s largest real-time payments market, Nigeria is reaping the biggest economic benefits, with real-time payments contributing $7 billion of additional GDP growth in 2023 – expected to grow to $15 billion by 2028.
The share of the banked population in Nigeria is expected to increase by 6.5% between 2021 and 2028, placing Nigeria in the top five nations worldwide for inclusion uplift and representing a potential increase of $40 billion in profits for banks.
The potential for banks extends beyond regions with large unbanked populations. By 2028, South Africa—already at 84% banking penetration—could add 425,000 previously excluded individuals to the financial system.
This modest 0.8% growth represents a remarkable $899 million profit opportunity for banks. As Africa’s second-largest economy, South Africa is also a rising leader in real-time payments, with their contribution to GDP expected to more than double to $486 million by 2028, highlighting the transformative power of financial inclusion and innovation.
“Africa offers immense potential to transform its financial ecosystem through real-time payments. Real-time payments bring more than convenience – they are a catalyst for economic empowerment, enabling citizens and businesses to access affordable, seamless financial services that drive growth and opportunity.
“Amplifying this transformative potential is the collaboration between Africa’s visionary entrepreneurs, innovators and governments. Together, they are laying the groundwork for an inclusive and sustainable future, where shared vision and cooperation become the engines of progress and prosperity across the continent,” said Santhosh Rao, senior vice president of Sales for MEASA at ACI Worldwide.
Globally, real-time payments are expected to contribute $285.8 billion in additional GDP growth—a 74.2% increase over five years—and create more than 167 million new bank account holders by 2028.
The report demonstrates how real-time payments present a win-win proposition for everyone globally, not just for the financial sector but for the wider economy.
