ADVERTISEMENT
TechEconomy
Wednesday, June 4, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » SIIPS Report 2024: Charting Africa’s Progress in Inclusive Digital Payments

SIIPS Report 2024: Charting Africa’s Progress in Inclusive Digital Payments

Destiny Eseaga by Destiny Eseaga
November 26, 2024
in Finance
0
Dr. Robert Ochola, CEO of AfricaNenda speaks on SIIPS Report 2024
Dr. Robert Ochola, CEO of AfricaNenda

Dr. Robert Ochola, CEO of AfricaNenda

RelatedPosts

Naira vs Dollar | Asset management

Naira Appreciates to N1,579/$1 as Market Confidence Grows

June 4, 2025

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025

As Africa continues its digital transformation, the SIIPS Report 2024— launched in Accra in partnership with AfricaNenda, the World Bank, and the United Nations Economic Commission for Africa (UNECA)—highlights the extraordinary growth of Instant Payment Systems (IPS) across the continent and explores their impact on financial inclusion.

With 31 live IPS in 26 countries and another 27 nations preparing to launch their own systems, the report paints a picture of a rapidly evolving financial ecosystem that holds immense promise for Africa’s underserved communities.

In just five years, the volume and value of transactions processed through IPS in Africa have grown by 37% and 39%, respectively.

This growth reflects a broader trend of digital payment adoption, driven by increasing mobile phone penetration, fintech innovation, and regulatory support.

However, while IPS systems are reaching more people, no system has fully achieved mature inclusivity, that enables a broad range of digital payment use cases, accessible to 6, affordable and centered around transparent consumer recourse mechanisms.

Women and other vulnerable groups still face barriers in adopting digital payments due to concerns around security, fraud, and network reliability.

The report underscores that while significant progress has been made, true financial inclusivity remains a challenge.

Recourse mechanisms to address fraud and privacy concerns remain critical gaps, particularly for vulnerable groups such as women, who continue to report feeling unsafe using digital payment platforms.

“AfricaNenda and its partners are calling for a collective push to expand IPS and deliver solutions that cater to every citizen, particularly those in rural and underserved areas. The goal is to ensure universal financial inclusion by 2030, a vision that could be realized if the 27 planned IPS initiatives are successfully implemented” stated Dr. Robert Ochola, CEO of AfricaNenda.

The report’s methodology integrates multiple data sources, including survey responses from IPS operators and central banks, a comprehensive cataloging of IPS systems across Africa, and consumer research conducted in five countries—Algeria, Ethiopia, Guinea, Mauritius, and Uganda.

Additionally, experts’ interviews from across the continent, alongside detailed case studies from Mauritius, South Africa, Tanzania, and Zimbabwe, offer a nuanced view of the trends, barriers, and opportunities for IPS in Africa.

Together, these insights provide a holistic understanding of the evolving digital payments landscape and the critical challenges that remain for achieving full financial inclusion.

“Access to safe, low-cost, and efficient digital payments has the potential to transform lives, remove the gender gap in finance, making people in emerging markets more financially resilient and foster growth of digital economy and access to capital for small businesses and women,” said Jean Pesme, Global director, Finance, World Bank. “As SIIPS 2024 shows countries in the Africa region have made remarkable progress on fast payment systems, more needs to be done through new use cases, the promotion of fintech and the involvement of the private sector. As part of its financing and technical assistance and through Project FASTT, the World Bank is helping countries realize the transformative potential of fast payment systems, by learning from each other and driving change to meet market demands.” 

“ECA is committed to partnering with AfricaNenda and key stakeholders to support Member States in building trusted, interoperable, and instant payment systems. This collaboration addresses the growing demand for seamless transaction systems, fostering continent-wide economic integration and financial inclusion, and significantly advancing frameworks like the African Continental Free Trade Area (AfCFTA) while aligning with the African Union’s Agenda 2063 for an integrated Africa. The SIIPs report is a valuable contribution, offering the latest rigorous insights that guide progress toward these ambitious goals.” – Stephen Karingi – Director at the Regional Integration and Trade Division of the Economic Commission for Africa.

The SIIPS Report 2024 highlights several opportunities to accelerate progress, from driving innovation through fintech licensing to addressing gender disparities, and ensuring every country has access to a domestic IPS. With more countries building the payment’ layer of their digital public infrastructure, there is a growing sense of momentum toward enabling seamless cross border payments across Africa through a mesh of inclusive and interconnected instant payment systems.

SIIPS Report 2024 is available here.

Loading

Advertisements
MTN ADS

0Shares
Tags: AfricaNendaSIIPS Report 2024The World Bank
Previous Post

Education: TICT Launches Innovative Solidarity Initiative in Apapa

Next Post

The Urgent Need for Improved Safety Standards for Oil Tankers

Destiny Eseaga

Destiny Eseaga

My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

Related Posts

Naira vs Dollar | Asset management
Finance

Naira Appreciates to N1,579/$1 as Market Confidence Grows

by Latifat Fashina
June 4, 2025
0

The naira appreciated in the official market on Tuesday, closing at N1,579/$1, up from the last close of N1,582/$1. The...

Read more
Tony Elumelu, chairman of UBA

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025
NairaWatch, Naira and dollar

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025
Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
America Debt - IMF

Can AI Save America from its Debt Spiral

May 31, 2025
Next Post
Oil Tankers in flames

The Urgent Need for Improved Safety Standards for Oil Tankers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.