Africa’s Digital Future Hinges on Homegrown Payment Systems:400 Million Still Financially Excluded

Africa is undergoing a digital revolution, with mobile penetration soaring even in remote communities, fintech innovation accelerating, and digital public infrastructure—from interoperable payments to national ID frameworks—expanding rapidly. These advances are creating the foundation for inclusive economic growth.

Yet, the contradiction is stark: 400 million Africans remain financially excluded, unable to access even the most basic formal financial services. Experts warn that unless this gap is bridged, the continent risks deepening inequality and undermining the transformative potential of technology.

This urgency framed discussions at a recent peer learning visit hosted by the AfricaNenda Foundation in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) in Lagos. The five-day event gathered senior stakeholders from over 20 African countries to deliberate on how African-built, African-owned payment solutions can drive inclusive growth.

Speakers stressed that while imported technologies offer speed, they rarely fit Africa’s unique realities. Informal economies, language diversity, rural connectivity challenges, and fragile infrastructure demand solutions designed “from the margins inward”.

Dr Robert Ochola, CEO of the AfricaNenda Foundation, underscored this point:

“Africa can build its own systems and make them world-class. The goal is not just to digitise but to include.”

True inclusion, he argued, requires affordable pricing models, offline functionality, agent networks in underserved areas, and USSD access for non-smartphone users. It also requires trust, not just technology.

Nigeria’s NIBSS, already processing close to one billion transactions monthly, is a proven model of homegrown success. Its platforms integrate seamlessly with banks, fintechs, mobile operators, and agent networks, extending services to the unbanked.

During the event, NIBSS unveiled the National Payment Stack (NPS)—a next-generation infrastructure designed to deepen financial inclusion and power Nigeria’s ambition of a $1 trillion digital economy.

According to NIBSS Managing Director & CEO Premier Oiwoh, the NPS is not just a payments platform but “a foundational investment in Nigeria’s financial future.”

Key features include:

• Real-time payments with instant settlement
• ISO 20022-compliant messaging for seamless data exchange
• Sandbox-enabled APIs for easy fintech and bank integration
• Request-to-Pay and Direct Debit services
• Integrated KYC validation using identifiers such as BVN, NIN, TIN, and registered company numbers
• Multi-currency, cross-border capabilities
• Built-in fraud detection and dispute resolution

By linking payments to trusted digital identity frameworks, the NPS promises to expand access to financial services, particularly for informal workers, women, and youth.

Oiwoh set a bold benchmark for reliability:

“When it comes to uptime, 99.9% isn’t good enough. That 0.1% can be life-altering. For us, the only acceptable KPI is 100%.”

AfricaNenda Foundation supports countries to build Inclusive Instant Payment Systems (IIPS), providing technical expertise, regulatory guidance, and peer learning platforms.

The Lagos event, which included delegates from Eswatini, Somalia, Togo, Guinea, Liberia, Madagascar, South Sudan, and others, was more than a technical exchange—it was a call for continental solidarity.

A highlight was the proposal by Musa Jimoh, Director of Payment System Policy at the Central Bank of Nigeria, for an Africa Regulators Forum on Instant Payment Systems to align standards, foster trust, and accelerate interoperability across borders.

The message from Lagos was clear: Africa must lead its own digital financial future by building scalable, interoperable systems rooted in local realities.

As participants agreed, digitisation alone is not enough—true inclusion means leaving no one behind.

Or, in the words of Chinua Achebe: “The world is like a mask dancing. If you want to see it well, you do not stand in one place.”

Click the link Puretvonline.com | WhatsApp Channel to join the WhatsApp channel

GOT A STORY?

Contact/WhatsApp: +233243201960 or email: manuelnkansah33@gmail.com