Nigeria has helped Africa become the fastest growing payment traffic region in the world for the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

SWIFT has recorded 42% growth in payments traffic in Nigeria while the country’s securities traffic has risen 29.5% for the 12 months to March 2014.

Meanwhile, the total African transaction volumes over the SWIFT network grew by 17% in the year to March 2014, making it the fastest growing region for SWIFT, it was announced.

SWIFT, is a network provider that enables financial institutions worldwide to send and receive information about financial transactions in a secure and reliable environment.

“Rising SWIFT traffic volumes are therefore an indicator of economic growth. The figures revealed today show strong organic growth across Africa and in Nigeria particularly, and serve as validation of the positive growth trends we are witnessing in the region,” head of Africa South at SWIFT, Hugo Smit, has said in a statement.

“Africa is one of the most dynamic and fast growing regions in the world today and in many aspects is leading the world in regional development projects that will help to boost intra-Africa trade and drive economic growth even further,” he said.

Meanwhile, global traffic SWIFT volumes grew by 9.7% in the same time period, and traffic in the Asia Pacific and Americas rose by 10.9% and 9.8% respectively.