Africa’s Digital Payment Systems: A Call for Inclusion
Africa must shift its focus from building digital infrastructure that serves a limited elite to developing scalable systems that include the most vulnerable—particularly women, youth, and informal workers. Despite growing mobile penetration, rising fintech investment, and advancements in digital public infrastructure, over 400 million Africans remain financially excluded.
The Need for Inclusive Systems
Dr. Robert Ochola, CEO of the AfricaNenda Foundation, described this disparity as “not only unsustainable but unacceptable.” Speaking at the opening plenary of a Peer Learning Visit co-hosted by AfricaNenda and the Nigeria Inter-Bank Settlement System (NIBSS) in Lagos, he called on policymakers to prioritize inclusive, interoperable systems designed to reach those at the margins. “The real question is: can we build scalable systems that serve every citizen—not just the privileged few?” Dr. Ochola asked.
Examples of Success
He cited Nigeria’s NIBSS payment platform as an example of what is possible, highlighting its interoperability, scale, and design rooted in local governance. “NIBSS processes nearly a billion transactions monthly. It connects banks, fintechs, and switches; operates 24/7 with real-time clearing; and is built with security and inclusion in mind,” he said. AfricaNenda supports countries by contributing to system design, strengthening regulatory capacity, and facilitating peer learning across regions.
The Importance of African-Built Solutions
Premier Oiwoh, Managing Director and CEO of NIBSS, emphasized the need for African countries to develop homegrown payment systems instead of relying on imported models. He also urged the dismantling of intra-African trade barriers to enhance regional integration. “Africa must move beyond colonial-era frameworks and build payment systems by Africans, for Africans,” Oiwoh said, adding that open trade requires interoperable, cross-border financial systems.
Regulatory Collaboration
Citing NIBSS’s collaboration with the Central Bank of Nigeria, he advocated for real-time regulatory oversight and stronger operational standards. He proposed the establishment of an African Regulators Forum on Digital Payments to align standards, share knowledge, and co-develop secure systems continent-wide.
The Challenge of Cash
Representing Deputy Governor Phillip Ikeazor of the Central Bank of Nigeria and Chairman of NIBSS, Musa Jimoh stated that the dominant challenge in Africa’s financial landscape remains cash—not competition among financial institutions. He explained that Nigeria’s real-time payment system was developed to meet local needs and now serves as a scalable model.
The Role of Regulators
To expand such benefits across the continent, Jimoh urged regulators to engage more actively with one another. “Regulators across Africa must collaborate continuously. Let us rise above jurisdictional silos and work collectively to meet the evolving demands of our financial environments,” he said.
Cross-Country Dialogue
The five-day event brought together delegates from over 10 African countries—including central banks, regulators, and payment system operators—for technical sessions, policy discussions, site visits, and workshops. Nigeria’s NIP system was presented as a case study for building real-time, interoperable payments that support inclusion. Participants expressed interest in adapting lessons from Nigeria to their national contexts, with the shared goal of advancing inclusive instant payment systems across Africa.
Conclusion
In conclusion, Africa’s digital payment systems must prioritize inclusion and scalability to reach the most vulnerable populations. By developing homegrown payment systems, dismantling trade barriers, and promoting regulatory collaboration, Africa can move towards a more inclusive and interconnected financial landscape. The Peer Learning Visit in Lagos highlights the importance of cross-country dialogue and knowledge sharing in achieving this goal. As Africa continues to grow and develop, it is essential that its digital payment systems keep pace, providing equal access to financial services for all citizens.
