Experts: Africa’s Digital Payment Future Lies in inclusive Solutions

Nume Ekeghe

For Africa to fully unlock the potential of digital finance, experts have said  the continent must shift from imported technologies to inclusive, homegrown payment solutions that reflect the realities of its people,  particularly the unbanked.

That message was delivered strongly during a high-level Peer Learning Visit hosted recently in Lagos, where policymakers and financial system leaders from over 10 African countries converged to study Nigeria’s progress in instant payments and explore scalable solutions for their own regions.

Speaking at the event, CEO of AfricaNenda Foundation, Dr. Robert Ochola, called on governments and financial stakeholders to shift focus from elite-centric digital infrastructure to systems that serve Africa’s most vulnerable: women, youth, and informal workers.

He said: “The real question is: can we build inclusive, scalable systems that serve every citizen — not just the privileged few?” he posed, citing Nigeria’s NIBSS Instant Payment (NIP) platform as a model of success. The system, he noted, processes nearly a billion transactions monthly and connects banks, fintechs, and switches through a 24/7, real-time, and highly secure platform.”

 Ochola stressed that inclusive design must begin at the margins, saying: “We support (countries’) technical design. We build regulatory capacity. We convene communities of practice like this. AfricaNenda is here not as a spectator, but as your partner.”     

The gathering also served as the launch pad for a growing continental movement focused on interoperability and collaboration.

Managing Director and CEO of NIBSS, Premier Oiwoh, urged African governments to abandon legacy frameworks and take ownership of their digital payment journeys.

“It’s time for Africa to cast off the remnants of colonial-era thinking and take bold ownership of its financial future by building payment solutions by Africans, for Africans,” he said, proposing the creation of an Africa Regulators Forum on Digital Payments to harmonize standards, share learnings, and develop regionally rooted platforms.

 Representing the Central Bank of Nigeria(CBN), Musa Jimoh,  speaking on behalf of Deputy Governor Phillip Ikeazor, added that the real challenge is not competition among financial institutions, but the enduring dominance of cash.

 He called for regulators to prioritise collaboration, saying: “Let us rise above jurisdictional silos and come together as Africans.”

Over the course of five days, delegates participated in policy discussions, technical site visits, and knowledge-sharing sessions centered on Nigeria’s experience with building inclusive digital payment infrastructure.

As countries seek to replicate Nigeria’s achievements while tailoring them to their local contexts, the Peer Learning Visit underscored a shared goal: to accelerate inclusive instant payments across Africa not as a dream, but as a deliverable.