AfricaNenda Launches 2024 Annual Report: Advancing Inclusive Instant Payment Systems for Broader Financial Inclusion in Africa
AfricaNenda Foundation has released its 2024 Annual Report, marking a significant year of transformation and impact in its mission to accelerate access to inclusive instant payment systems (IIPS) across Africa. The report highlights key milestones, insights, and the organization's transition into an independent foundation, further strengthening its ability to drive financial inclusion across the continent.
'In 2024, we took a bold step forward as we became an independent organization, allowing us to operate with greater agility and deepen our impact,' said Robert Ochola, CEO of AfricaNenda Foundation. 'Financial inclusion is not just about facilitating transactions; it is about providing the infrastructure, rules, and governance that enable individuals and businesses—especially women and underserved communities—to participate fully in the digital economy.'
Inclusive Instant Payment Systems a Pathway to Africa's Financial Inclusion
Despite Africa's rapid growth in digital financial services, nearly 400 million people remain excluded from formal financial systems. Payments play a foundational role in financial inclusion, with over a third of banked adults opening their first accounts to receive government or wage payments (Global Findex 2022). Yet, half of African adults still lack access to IIPS, making it difficult for many to send and receive money affordably and reliably.
AfricaNenda's 2024 State of Inclusive Instant Payment Systems (SIIPS) in Africa Report reveals that IIPS—societal-scale digital payment systems enabling low-cost, real-time transactions—are crucial to unlocking access for the financially underserved. Without such infrastructure, millions of women, young adults, and rural communities are forced to rely on cash, limiting their participation in the digital economy.
Driving Financial Inclusion Across the Continent
AfricaNenda's work in 2024 spanned multiple countries and regions, supporting the development of interoperable payment systems and strengthening digital public infrastructure. Key achievements included: Expanding access to IIPS in Cabo Verde, Mauritania, Rwanda, South Sudan, and the CEMAC region.
Providing technical expertise, capacity building, and advocacy to policymakers, financial institutions, and payment providers.
Strengthening governance frameworks to ensure that payment systems are scalable, inclusive, and accessible to all.
Looking Ahead: 2025 and Beyond
With a team of 21 professionals across 11 African countries, AfricaNenda remains committed to its vision of enabling financial access for 260 million financially excluded Africans by 2030. As an independent foundation, it will focus on: Scaling technical assistance and innovation in payment systems
Strengthening regional integration and cross-border payment solutions
Mobilizing funding for digital financial infrastructure
Empowering financial service providers to unlock new economic opportunities
The AfricaNenda 2024 Annual Report is now available for download: AfricaNenda Annual Report 2024 – AfricaNenda (https://apo-opa.co/42KlRRu)
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