Sabine Mensah, AfricaNenda’s deputy CEO.

AfricaNenda, an independent African-led organisation dedicated to accelerating the expansion of payments ecosystem, is looking to expedite the development of inclusive instant payment systems on the continent in order to bring on board over 400 million people who are currently financially excluded.

Sabine Mensah, AfricaNenda’s deputy CEO, revealed this to ITWeb Africa in a recent interview.

During the interview, Mensah shared crucial findings from AfricaNenda's State of Inclusive Instant Payments Systems in Africa (SIIPS) 2024 report.

SIIPS 2024 explores the ongoing growth of instant payment systems in Africa, assessing supply and demand dynamics.

It highlights the key trends, challenges, and opportunities driving digital payment acceptance, equipping stakeholders with actionable insights to promote growth and inclusivity.

The edition covers recent advancements in fintech licensing and electronic know-your-customer, as well as the significance of rapid payment systems in furthering digital public infrastructure initiatives across the continent.

During the conversation, Mensah emphasised the importance of instant payment systems in increasing financial inclusion throughout Africa, addressing issues such as regulatory hurdles, and the need for tiered licensing for fintech operations.

Mensah explained the basis for the report, saying: “The SIIPS 2024 is the third edition of this report. We began doing research in 2022 with the goal of informing public and private sector players in Africa and beyond about the growth of Africa's instant payment systems ecosystem, as well as some of the best practices and lessons that we can learn from the continent."

When asked by ITWeb Africa to explain how digital payment systems are shaping financial inclusion on the continent, Mensah replied: "For financial inclusion, I think there are three key areas that we are looking at. 

"Access to financial services, usage of financial services, and, of course, the quality of such services. So, when we look at immediate payment systems, they are really offering infrastructure to on-board people into the digital payments ecosystem.”

Furthermore, Mensah outlined AfricaNenda’s commitment to on-boarding millions of financially excluded adults through strategic collaborations and technical assistance, while emphasising the need for a strong digital public infrastructure to support these initiatives.

She said: “Our goal is that we want to accelerate the development of these inclusive instant payment systems in Africa so that we can on-board over 400 million adults, Africans that are currently financially excluded by 2030.”