SIIPS Report Highlights Digital Payment Advancements – Africa.com
The SIIPS Report 2024, launched in Accra on Thursday, showcases the significant growth of instant payment systems (IPS) across Africa, highlighting their role in advancing financial inclusion. The report shows that with 31 operational IPS in 26 countries and a further 27 under construction, transaction volumes have increased by 37% in five years. Although the adoption of digital payments has surged, disadvantaged groups, especially women who face security and fraud concerns, still face barriers. Despite progress, no system can fully achieve inclusivity, affordability or transparency. The report highlights the need for collective efforts to expand IPS, especially in rural areas, to ensure universal financial inclusion by 2030. With support from partners such as the World Bank and UNECA, the SIIPS report provides valuable insights into the opportunities and challenges facing Africa’s digital payment systems, calling for innovation and regulatory support to enable seamless cross-border payments across the continent.
source: DPI.AfricaNet
