45 % of adults in Africa don’t have access to financial services – Report

The State of Inclusive Instant Payment Systems in Africa Report 2024, published by AfricaNenda Foundation in collaboration with the World Bank and the Economic Commission for Africa, reveals that 45% of adults in Africa lack access to financial services, with 400 million unable to use digital tools for financial transactions.

Launched in Accra with support from the Bank of Ghana and GhIPPS, the report highlights the role of instant payment systems (SIIPS) in promoting financial inclusion.

Bank of Ghana Governor Dr. Ernest Addison, represented by Kwame Oppong, emphasized the need for secure, accessible, and seamless payment solutions to foster economic resilience.

AfricaNenda CEO Dr. Robert Ochola called for addressing barriers to instant payments, harnessing resources, and creating a supportive regulatory environment to deepen financial inclusion and drive Africa's transformation.