The SIIPS Report 2024, launched in Accra on Thursday, showcases the remarkable growth of Instant Payment Systems (IPS) across Africa, emphasizing their role in advancing financial inclusion. With 31 operational IPS in 26 countries and another 27 on the way, the report reveals a 37% growth in transaction volume over five years. While digital payment adoption surges, barriers remain for vulnerable groups, especially women, who face security and fraud concerns. Despite progress, no system has fully achieved inclusive access, affordability, or transparency. The report emphasizes the need for collective efforts to expand IPS, particularly in rural areas, to ensure universal financial inclusion by 2030. Supported by partners like the World Bank and UNECA, the SIIPS Report offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems, calling for innovation and regulatory support to achieve seamless, cross-border payments across the continent.
SOURCE: DPI.AFRICA.COM
