According to a survey, over 31 billion instant payment system (IPS) transactions were carried out in Africa in 2022. This continued the steady yearly increase in transaction volume visible since 2018. That year, only seven billion transactions were registered on the continent.
Overall, instant payment systems (IPS) are used across the different regions of Africa. According to the source, they refer to transactions across domains and through banks, mobile money, and sovereign currency.
Total volume of instant payment system (IPS) transactions in Africa from 2018 to 2022
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The source defines Instant Payment Systems (IPS) as that which allow digital push payments through set procedures, making final funds available to the payee in the nearest real-time.
The source reports, that there is missing data from 10 IPS around Africa. Therefore, the volume could be underestimated.
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AfricaNenda. (November 5, 2023). Total volume of instant payment system (IPS) transactions in Africa from 2018 to 2022 (in billions) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1461289/annual-volume-of-instant-payment-transactions-in-africa/
AfricaNenda. "Total volume of instant payment system (IPS) transactions in Africa from 2018 to 2022 (in billions)." Chart. November 5, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1461289/annual-volume-of-instant-payment-transactions-in-africa/
AfricaNenda. (2023). Total volume of instant payment system (IPS) transactions in Africa from 2018 to 2022 (in billions). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1461289/annual-volume-of-instant-payment-transactions-in-africa/
AfricaNenda. "Total Volume of Instant Payment System (Ips) Transactions in Africa from 2018 to 2022 (in Billions)." Statista, Statista Inc., 5 Nov 2023, https://www.statista.com/statistics/1461289/annual-volume-of-instant-payment-transactions-in-africa/
AfricaNenda, Total volume of instant payment system (IPS) transactions in Africa from 2018 to 2022 (in billions) Statista, https://www.statista.com/statistics/1461289/annual-volume-of-instant-payment-transactions-in-africa/ (last visited July 22, 2024)
Total volume of instant payment system (IPS) transactions in Africa from 2018 to 2022 (in billions) [Graph], AfricaNenda, November 5, 2023. [Online]. Available: https://www.statista.com/statistics/1461289/annual-volume-of-instant-payment-transactions-in-africa/
