On November 20, 2024, Africa Communications Group, in collaboration with AfricaNenda, will host the highly anticipated launch and discussion of the State of Inclusive Instant Payment Systems (SIIPS) 2024 Report in Accra, Ghana. This collaborative event will showcase the joint efforts of AfricaNenda, the United Nations Economic Commission for Africa (UNECA), and the World Bank, marking a pivotal moment for Africa’s financial landscape. The report will provide valuable insights into the current state of instant payment systems (IPS) across Africa, emphasizing inclusivity, consumer patterns, and innovative case studies that highlight the transformative impact of IPS on the continent.
Instant Payment Systems (IPS) enable fast, reliable, and 24/7 digital transactions, a critical development in a world moving rapidly towards cashless economies. These systems allow users to transfer funds in real-time, across various platforms, and operate around the clock. However, IPS is not just about moving money quickly; it’s about fostering an equitable financial environment. AfricaNenda, a pioneer in the realm of IPS, is working to establish a uniquely Inclusive Instant Payment System (IIPS) framework in Africa. IIPS goes beyond efficiency, prioritizing accessibility and ensuring financial services reach all individuals, regardless of socioeconomic background.
Now in its third year, the State of Inclusive Instant Payment Systems (SIIPS) 2024 Report has become a trusted resource for understanding the IPS landscape in Africa. The report introduces the Inclusivity Spectrum, a categorization tool developed by AfricaNenda that maps IPS across Africa based on inclusivity, interoperability, and governance standards. This spectrum highlights the current standing of IPS while identifying areas with high potential for improvement. Each year, the SIIPS report offers an updated view of IPS inclusivity, measuring progress and suggesting key adjustments that could enhance financial access and inclusivity across the continent.
AfricaNenda’s Inclusivity Spectrum evaluates IPS based on several key benchmarks:
- Governance and Structure: Examines how inclusive and representative the governance of IPS is within each nation.
- Interoperability: Assesses the ease of transaction flows across different banks, platforms, and networks.
- Channel and Functionality Diversity: Looks at the various channels, functionalities, and use cases available within each IPS, measuring how adaptable and relevant these systems are to users with varying needs and economic profiles.
This spectrum is not only a measurement tool but a roadmap that guides the progression of IPS toward higher inclusivity, supporting African nations in the development of a financially inclusive ecosystem.
AfricaNenda stands as a leading advocate for inclusive digital payments in Africa. Through their dedicated work in IPS, they are addressing challenges that limit access to financial services for underserved communities. AfricaNenda envisions an Africa where financial access is a reality for everyone, from urban centers to remote regions. Their leadership in producing the SIIPS report, in partnership with UNECA and the World Bank, underscores their commitment to elevating financial inclusion on the continent and supporting economic growth through digital financial services.
What to expect from the SIIPS 2024 report
The 2024 SIIPS report promises to deliver a comprehensive analysis of Africa’s IPS, including an updated Inclusivity Spectrum with detailed evaluations of the IPS in various African nations. Attendees of the launch event in Accra will gain exclusive insights into the methodology and categorization criteria used in the Inclusivity Spectrum, enabling a better understanding of where each system stands and how it has evolved.
A glimpse of the key highlights in the report:
- In-depth Analysis of Inclusivity and Consumer Trends: Examines trends in consumer behavior, access, and IPS usage across different demographics in Africa.
- Case Studies: Presents real-world examples of IPS models in Africa that exemplify inclusive digital payment solutions.
- Policy Recommendations and Strategic Goals: Provide policymakers, financial institutions, and other stakeholders with actionable recommendations to drive IPS inclusivity across the continent.
Financial inclusion is essential for equitable economic growth, particularly in Africa, where many individuals still lack access to basic financial services. Inclusivity in IPS enables all individuals, particularly those in rural and low-income communities, to participate fully in the digital economy. By fostering an environment where digital transactions are accessible to everyone, IPS not only facilitates economic activity but also empowers individuals by providing a secure and convenient way to manage their finances.
The Future of Inclusive Payment Systems in Africa
The SIIPS 2024 report will highlight the transformative potential of IPS and underscore the importance of continuous progress toward inclusivity. With AfricaNenda and its partners working tirelessly to enhance and expand IPS, the future of Africa’s financial landscape looks promising. As IPS systems across the continent evolve to meet higher inclusivity standards, Africa inches closer to achieving a financially inclusive economy where all voices are heard, and no one is left behind.
The SIIPS 2024 report launch in Accra on November 20 represents a step forward in advancing digital financial inclusion in Africa and an invitation for stakeholders to contribute to this transformative movement. The report’s findings and the discussions will spark a stand to benefit financial leaders, policymakers, and African citizens alike, driving sustainable, inclusive growth across Africa.
You can attend the event virtually (HERE IS THE LINK) to register.
