SGGP 11/11/2023 07:45

The United Nations Economic Commission for Africa (UNECA) publishes an annual report on Inclusive Instant Payment Systems (SIIPS) in Africa, which documents both the number of instant payment systems and the demand for their use.

According to the report, three new instant payment systems (IPS) launched in Ethiopia, Morocco and South Africa in the past 12 months have brought the total number of such systems in the country and region to 32. IPSs in Africa have facilitated nearly 32 billion transactions worth about $1.2 trillion by 2022.

However, according to UNECA, there are still challenges in bringing a comprehensive instant payment system ecosystem in Africa. To date, most direct IPSs are either unrated due to lack of data or only reach a basic level.