The value of transactions processed by African instant payment systems hit $1.98 trillion in 2024, a new report found.
The number of instant payment systems in Africa rose to 36 across 25 countries between July 2024 and June this year — up from 31 the previous year. Eswatini, Sierra Leone, and Somalia were among the countries that introduced such systems in the past year, according to the report by AfricaNenda Foundation, the World Bank, and the United Nations Economic Commission for Africa.
The near $2 trillion transaction value follows an average annual growth rate of 26% since 2020 and comprises more than 64 billion transactions. Most instant payment systems in Africa are designed to connect mobile money platforms, processing low-value transactions of about $11 on average. But systems connecting banks are growing too, with a 50% rise in transaction volumes between 2023 and 2024, the report found.