Instant payment: 50% of African countries had a national system in 2023 (report) | APAnews

Instant payment: 50% of African countries had a national system in 2023 (report) | APAnews
Instant payment: 50% of African countries had a national system in 2023 (report) | APAnews

The same report notes that more than 400 million adults are unbanked on the continent.

In Africa, payments are the most popular financial service for account holders. They serve as a key entry point for end users to adopt other financial services, including savings and credit. However, in 2023, “ only half of African countries » had a national instant payment system allowing access to all end users including “ underserved customers such as women, youth and low-income households “. This is the observation of AfricaNenda, a team of African experts who have just published a report on the subject.

They believe that more end users benefit from the increased security, speed and convenience of digital transactions when payment capabilities are integrated into a country’s digital public infrastructure. “ When digital transactions are seamless and affordable for all, they encourage more end-users to connect to the formal economy, ultimately enabling us to fulfill our mission of achieving universal financial inclusion in Africa. here in 2030 », Underlines Robert Ochola, CEO of AfricaNenda, in a press release received by APA on Tuesday.

With his partners, he says he is proud of “ progress » that they have achieved in recent years, even if it remains “ still many steps to accomplish » for all the actors who work in this ecosystem.

Indeed, AfricaNenda is committed to unlocking the potential of domestic financial services for financially excluded people on the continent by accelerating the establishment of inclusive instant payment systems. Its approach is to provide public and private sector players with the technical expertise and capacity to reduce barriers to digital payments. In this context, she helped “ central banks and digital financial service providers to accelerate the expansion of inclusive instant payment systems », specified Mr. Ochola.

On the other hand, the last decade has been marked by an increase in the number of instant payment systems operational on the continent. It has reached 29 national systems and three regional systems, according to these experts who note, over the same period, that the proportion of adults in Africa with a financial account has more than doubled. It increased from just over 20% in 2011 to around 55% in 2021, according to Global Findex data.

Despite this progress, more than 400 million adults across Africa are unbanked and therefore unable to receive or make digital payments, reports AfricaNenda, whose ambition is to “ change this by expanding access to digital payments, which are proving to be an on-ramp, to other financial services “.

ODL/ac/APA

-

-

PREV This dupe of the Dyson Airwrap sold at Aldi is perfect… and it only costs €24
NEXT Buying real estate abroad: a notary explains how to avoid the pitfalls