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AFRICA: ACI Worldwide, a global leader in payments technology, has released a report in collaboration with The Centre for Economics and Business Research (Cebr), showcasing the transformative potential of real-time payments across Africa. The report focuses on the major economies of Nigeria and South Africa, highlighting how these innovations will enhance financial inclusion and economic growth.
According to the report, real-time payments are projected to contribute over $15 billion to GDP growth in Nigeria and South Africa by 2028. Utilising data from 40 countries, the report draws a first-of-its-kind link between real-time payments and financial inclusion.
"Real-time payments stimulate economic growth and offer citizens quick, affordable financial services," the report states. It reveals that in 2023 alone, real-time payments boosted GDP across all surveyed nations by $164 billion, equating to the labour output of 12 million workers. Furthermore, financial inclusion has created lucrative new revenue opportunities for financial institutions globally.
As Africa’s largest real-time payments market, Nigeria leads the way with $7 billion added to its GDP in 2023—a figure expected to more than double by 2028. The report predicts a 6.5% increase in Nigeria's banked population by 2028, potentially generating $40 billion in additional profits for banks.
South Africa, already boasting 84% banking penetration, stands to integrate 425,000 previously unbanked individuals into its financial system by 2028. This translates to an $899 million profit opportunity for banks. South Africa’s real-time payments contribution to GDP is also expected to double, reaching $486 million by 2028.
Santhosh Rao, Senior Vice President of Sales for MEASA at ACI Worldwide, stated:
"Africa holds immense potential to revolutionise its financial ecosystem through real-time payments. Beyond convenience, these systems catalyse economic empowerment by delivering seamless and affordable financial services. Collaboration among visionary entrepreneurs, innovators, and governments is key to achieving an inclusive, sustainable future for the continent."
Globally, real-time payments are expected to drive $285.8 billion in GDP growth, a 74.2% increase over five years, and create over 167 million new bank accounts by 2028. The report underscores the mutual benefits of real-time payments, extending beyond financial institutions to uplift entire economies.
With nearly five decades of experience, ACI Worldwide remains at the forefront of payments innovation, blending global reach with local expertise to meet evolving challenges and opportunities in the payments sector.
