Total Value Of Transactions Through Instant Payment Systems Across Africa Hits $1.98 Trillion

Instant Payment Systems (IPS) across Africa are experiencing remarkable growth, reflecting the continent’s accelerating shift toward digital financial transactions, according to the newly-launched SIIPS 2025 Report.

Transaction volumes and values have maintained a steady upward trajectory over the past four years, underscoring the growing trust and convenience associated with real-time payments.

Between 2020 and 2024, total IPS transaction volumes across Africa rose by an impressive average annual growth rate of 35%, reaching over 64 billion transactions in 2024. This surge reflects Africa’s increasing adoption of digital finance solutions, driven by higher smartphone penetration, expanding internet access, and the integration of payment systems across banks, telecom operators, and fintech platforms.

Mobile money IPS continue to dominate in terms of total transaction volumes, underscoring their central role in everyday financial activities such as peer-to-peer transfers, merchant payments, and utility bill settlements. However, bank-led IPS recorded the fastest growth rate between 2023 and 2024—an impressive 50%—signaling a growing appetite for instant payment solutions within the formal banking sector.

The total value of transactions processed through IPS platforms also grew strongly, rising by an average annual rate of 26%, from $775.5 billion in 2020 to $1.98 trillion in 2024. Bank IPS were the main drivers of this expansion, posting a 28% growth in transaction value between 2023 and 2024, followed by cross-domain systems at 9%, and mobile money platforms at 7%.

While mobile money IPS handled the highest transaction volumes, they maintained a relatively low average transaction value of $11, consistent with their dominance in small, high-frequency payments. Cross-domain IPS—those that facilitate payments across multiple platforms such as banks, fintechs, and mobile networks—recorded a decline in their average transaction value to $95 in 2024, suggesting broader adoption for smaller and more diverse payment types. Despite this, cross-domain systems still processed the largest share of total transaction value in the past year, reinforcing their growing importance in enabling seamless interoperability and financial inclusion across Africa’s payment ecosystem.

Overall, the data paints a clear picture: Africa’s IPS landscape is maturing rapidly, driven by innovation, cross-sector collaboration, and a continent-wide push toward a more connected and cash-light digital economy.

Read Also: Growth of Africa’s Instant Payment Systems Accelerates Between July 2024 and June 2025