According to a report from ACI Worldwide, real-time payments are poised to revolutionize Africa’s leading economies, unlocking over $15 billion in GDP growth by 2028.
ACI’s second Real-Time payments report, in collaboration with the Centre for Economic and Business Research (Cebr), leveraged data from 40 countries to make a comprehensive case for the adoption of real-time payments by highlighting the economic growth and financial inclusion benefits that real-time payments bring.
For the first time, the report establishes an empirical link between real-time payments and financial inclusion. By offering affordable and accessible financial services, real-time payment systems are lifting millions out of poverty. The financial inclusion uplift not only benefits citizens but also creates significant profit opportunities for banks, with billions of dollars in new profits projected over the next four years as real-time transactions increase globally.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Real-time payments have become the backbone of digital economies. By enabling instant transfers, these systems save consumers and businesses billions of dollars annually and boost GDP through the formalization of cash-based transactions. The report shows that in 2023, real-time payments contributed $164 billion to global GDP equivalent to the labor output of 12 million workers. This figure is expected to rise to $285.8 billion by 2028, a 72% increase, corresponding to the labor of 169 million workers.
Businesses and consumers benefit directly through lower transaction fees and reduced settlement times, resulting in substantial net savings. In 2023 alone, real-time payments generated $116.9 billion in savings, projected to grow to $245.8 billion by 2028. Real-time payments are particularly impactful in developing regions with large unbanked populations. By leveraging mobile phones, QR codes, and digital wallets, these systems provide access to financial services for previously excluded citizens.
In developed economies, real-time payments offer an alternative to high-cost financial services, enabling people without credit cards or bank accounts to manage their finances effectively. The reduction in check-cashing fees and payday loans makes financial services more accessible, driving digital inclusion as a stepping stone to broader societal participation.
Africa is one of the fastest-growing markets for real-time payments. The continent’s young population, 40% of its 1.5 billion people are under 15 relies heavily on mobile technology, which is central to real-time financial services.
Nigeria, identified as one of the top 10 markets for profit opportunities, stands to benefit significantly from this transformative financial innovation, which promises to enhance economic efficiency, foster financial inclusion, and drive substantial business growth across the continent.
Real-time payments are enabling small businesses, in the country to operate more efficiently by allowing immediate access to funds for critical purchases. Nigeria exemplifies the transformative impact of real-time payments.
Its advanced ecosystem, led by the Nigeria Inter-Bank Settlement System (NIBSS), facilitates instant transactions across multiple platforms. As a result, 75% of all transactions in Nigeria occur in real-time, reducing the cash economy and driving economic growth. In 2023, real-time payments contributed $7 billion to Nigeria’s GDP, a figure projected to more than double to $15 billion by 2028. Additionally, the share of the banked population is expected to grow by 6.5 percentage points between 2021 and 2028, representing a $40.4 billion profit opportunity for banks.
As real-time payment systems continue to mature, their positive impact on economies and societies is becoming increasingly evident. By formalizing cash economies, enhancing financial security, and fostering entrepreneurship, these systems are creating a ripple effect that benefits everyone from governments to small businesses and individual citizens.