Once trailing behind Kenya, the pioneer of mobile money in Africa, Nigeria has now made a striking leap in the adoption of instant payment systems.
According to theeastafrican.co.ke, the West African nation dramatically increased the value of transactions processed through its real-time payment platforms, signaling a major shift in the continent’s digital finance landscape.
Experts say Nigeria’s rapid growth reflects a combination of regulatory support, widespread smartphone adoption, and innovative fintech solutions that have made instant payments more accessible to consumers and businesses alike. The surge positions Nigeria as a rising leader in Africa’s digital payments ecosystem, challenging Kenya’s long-held dominance in mobile money.
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With more than 200 percent of its Gross National Income (GNI) transacted through instant payment systems, Kenya has for years been the continental leader in both the volume and value of real-time payments across banks and mobile money platforms.
Instant payments are transactions that move money from one account to another in real time, with funds reflecting within seconds and becoming immediately usable by the recipient. They run through both banking channels and mobile money systems.
