Real-time payments are projected to contribute more than $15 billion in additional GDP growth to Nigeria and South Africa by 2028, according to the Real-Time Payments: Economic Impact and Financial Inclusion report published by ACI Worldwide.

NASDAQ-listed ACI Worldwide, a global payments technology provider, in collaboration with The Centre for Economics and Business Research, produced the report, which leverages data from 40 countries and reveals—for the first time—link between real-time payments and financial inclusion.

The report notes that real-time payments drive economic growth and give citizens access to fast and affordable financial services.

It says real-time payments increased GDP across all 40 countries surveyed by $164 billion in 2023, equivalent to the labour output of 12 million workers.

Additionally, the report says associated financial inclusion uplift experienced by many countries as a result of increasing real-time transactions presents significant new revenue opportunities for financial institutions.

The report says: “As Africa’s largest real-time payments market, Nigeria is reaping the biggest economic benefits, with real-time payments contributing $7 billion of additional GDP growth in 2023 – expected to grow to $15 billion by 2028.

“The share of the banked population in Nigeria is expected to increase by 6.5% between 2021 and 2028, placing Nigeria in the top five nations worldwide for inclusion uplift and representing a potential increase of $40 billion in profits for banks.”

It continues: “The potential for banks extends beyond regions with large unbanked populations. By 2028, South Africa—already at 84% banking penetration—could add 425,000 previously excluded individuals to the financial system.

“This modest 0.8% growth represents a remarkable $899 million profit opportunity for banks. As Africa's second-largest economy, South Africa is also a rising leader in real-time payments, with their contribution to GDP expected to more than double to $486 million by 2028, highlighting the transformative power of financial inclusion and innovation.”

Santhosh Rao, senior vice president of sales for MEASA at ACI Worldwide, adds: “Africa offers immense potential to transform its financial ecosystem through real-time payments.

“Real-time payments bring more than convenience – they are a catalyst for economic empowerment, enabling citizens and businesses to access affordable, seamless financial services that drive growth and opportunity.

“Amplifying this transformative potential is the collaboration between Africa’s visionary entrepreneurs, innovators and governments. Together, they are laying the groundwork for an inclusive and sustainable future, where shared vision and cooperation become the engines of progress and prosperity across the continent.”