African payments stakeholders call for interoperable instant payment systems to drive financial inclusion

By:  Nana Appiah Acquaye

Stakeholders in Africa’s digital payments ecosystem have emphasized the importance of interoperable instant payment systems (IPS) in advancing financial inclusion and supporting the continent’s digital economy.

The discussions took place during a meet-up organised in Dakar by the Association Digital Frontiers Senegal (ADF-SN), which brought together members of the African payments community and industry stakeholders.

The event featured Sabine F. Mensah, Deputy Director General of the AfricaNenda Foundation, who spoke on the role of instant payment systems in expanding access to financial services across Africa.

Participants stressed that financial inclusion must remain central to the design and deployment of digital payment infrastructure, particularly for rural populations, informal sector workers, micro, small and medium-sized enterprises (MSMEs), and underserved communities.

The meeting also highlighted interoperability as a critical factor in strengthening Africa’s digital payments ecosystem, noting that improved connectivity between mobile wallets, banks and fintech platforms would reduce fragmentation and improve user experience.

Stakeholders referenced the BCEAO’s PI-SPI initiative within the West African Economic and Monetary Union (WAEMU) zone as an example of efforts aimed at improving payment interoperability across the region.

Discussions further focused on the importance of governance structures, affordable pricing models and the development of payment systems capable of supporting multiple use cases including peer-to-peer, person-to-business, government-to-person and business-to-government transactions.

Industry leaders at the event also noted that Africa is increasingly developing homegrown payment innovation models tailored to the continent’s unique economic and financial realities.

The gathering formed part of ongoing conversations around strengthening Africa’s digital financial infrastructure and accelerating inclusive digital transformation across the continent.