Africa must shift focus from building digital infrastructure for the elite to inclusive digital payment systems that benefit vulnerable groups—especially women, youth, and informal workers.
Despite growing mobile penetration, rising fintech investment, and the expansion of digital public infrastructure, over 400 million Africans remain financially excluded.
“This is not only unsustainable but unacceptable,” said Dr. Robert Ochola, CEO of the AfricaNenda Foundation, during a Peer Learning Visit co-hosted with the Nigeria Inter-Bank Settlement System (NIBSS) in Lagos on June 17, 2025.
Nigeria’s NIBSS: A Model for Inclusion
Dr. Ochola praised NIBSS for offering an inclusive, real-time payment system that processes nearly a billion transactions monthly. He emphasized its interoperability, 24/7 operation, and secure infrastructure.
Learn more: Why Nigeria’s NIP is a model for real-time payments
AfricaNenda supports nations by:
- Assisting with system design
- Strengthening regulatory capacity
- Facilitating peer learning across countries
“We support countries as they build inclusive financial infrastructure,” said Dr. Ochola.
Push for African-Built Solutions
Premier Oiwoh, Managing Director of NIBSS, stressed the importance of homegrown digital systems, free from legacy colonial structures.
“Africa must move beyond imported frameworks and build payment systems by Africans, for Africans,” he said.
He also advocated for:
- Dismantling intra-African trade barriers
- Developing cross-border interoperability
- Creating an African Regulators Forum on Digital Payments
Read Also:MPs pass Finance Bill 2025, drop KRA access to data
Central Bank: Cash Is Still King
Representing Nigeria’s Central Bank, Musa Jimoh argued that cash—not competition—is the main obstacle to digital transformation in African finance.
“Real-time systems must serve local needs. We must rise above jurisdictional silos and collaborate,” Jimoh said.
Explore related: Inside Kenya’s digital cashless transition
Peer Learning: A Platform for Collaboration
The five-day Peer Learning Visit attracted delegates from over 10 African nations, including:
- Central banks
- Regulators
- Payment system operators
Participants studied Nigeria’s NIP system as a blueprint for inclusive digital payment systems, with plans to apply lessons in their home countries.
