Scaling Instant Payments in Africa: Policy Choices for Central Banks

Instant payment systems are becoming a critical part of digital public infrastructure, with growing potential to expand financial inclusion, improve efficiency, and support more resilient and competitive payment ecosystems across Africa. But building the rails is only part of the story. The larger challenge is ensuring these systems can scale in ways that are trusted, inclusive, and sustainable.

This white paper examines the barriers that stand in the way of scaling instant payment systems, with a particular focus on the choices within the control or influence of central banks. Drawing on interviews and focus groups with industry bodies and payment service providers across 20 African countries, it explores how legal, regulatory, governance, infrastructure, and demand-side challenges can affect adoption and long-term system development.

The paper is intended primarily to support central banks, and secondarily other financial authorities and stakeholders promoting instant payment systems in Africa. Rather than prescribing a single model, it offers a framework for dialogue and action — helping policymakers assess barriers, understand different stages of system maturity, and consider practical approaches to strengthening access, trust, governance, and sustainability.

Prepared by a team from the AfricaNenda Foundation, Arab Monetary Fund, Better Than Cash Alliance, and the World Bank, the white paper contributes to wider efforts to support inclusive instant payment systems across the continent.