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Nigeria Leads As Africa’s Instant Payment Transactions Hit $2tn — SIIPS

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Nigeria has emerged as a continental leader in Africa’s fast-growing digital payments ecosystem, as instant payment systems across the continent processed transactions worth nearly $2 trillion in 2024, according to a new report.

The State of Inclusive Instant Payment Systems, SIIPS, 2025 Report, released by the AfricaNenda Foundation in partnership with the World Bank and the United Nations Economic Commission for Africa, UNECA, show that Nigeria’s Instant Payments, NIP, is the first system in Africa to achieve “mature inclusivity”, setting a benchmark for other countries.

The report notes that Africa’s digital payments landscape is expanding at a record pace, signalling a major shift towards more inclusive and interoperable financial systems.

In total, 36 instant payment systems now live across 31 African countries, with five launched in the past year alone. Collectively, these systems processed 64 billion transactions valued at nearly $2 trillion in 2024, underscoring Africa’s rapid transition to digital finance.

Chief Executive Officer of the AfricaNenda Foundation, Dr. Robert Ochola, said: “Inclusive instant payments are transforming how Africans connect economically. The findings of SIIPS 2025 show clear progress, more countries are adopting instant payment systems, and more people are gaining access to digital financial services that support livelihoods, trade and economic growth across the continent.”

Also speaking, Acting Global Director, Finance, Competitiveness and Investment Global Department at the World Bank, Niraj Verma, said while the steady uptake of fast payment systems across Africa was encouraging, significant gaps remain.

“The latest SIIPS report shows steady progress across Africa in the uptake of fast payments. This is promising, but much work remains.

“Countries without fast payment systems should begin implementation, while those already operating them must prioritise inclusivity, innovation and affordability,” Verma said.

He added that regional fast payment models offer opportunities for cost-efficient and speedy cross-border payments, noting that through Project FASTT, the World Bank continues to support countries with financing, technical assistance and capacity building to strengthen fast payment ecosystems.

The report highlights growing interoperability across Africa’s payment systems, noting that half of the continent’s IPS now connects banks, mobile money operators and fintechs through cross-domain platforms. While Nigeria reached the mature inclusivity stage, 10 other countries advanced to the “progressed” level on the AfricaNenda Inclusivity Spectrum.

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Nigerian Gov Announces Fresh Public Holiday for Workers Across State

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The Ekiti State Government has declared Friday, June 19, 2026, a work-free day for public servants in the state.

Naija News reports that the government said the holiday was to enable workers to travel to their respective voting centres ahead of the governorship election scheduled for Saturday, June 20.

This was contained in a statement issued on Thursday by the Permanent Secretary to the Head of Service, Janet Ajibola.

“His Excellency, the Governor of Ekiti State, Biodun Abayomi Oyebanji, has graciously declared Friday, 19th June, 2026, as a work-free day for all public servants across the state,” the statement read.

Ajibola said the directive was addressed to commissioners, special advisers, the Secretary to the State Government, permanent secretaries, the Clerk of the House, heads of tertiary institutions, the Registrar of the High Court of Justice, general managers, executive secretaries and heads of departments.

“For the purpose of public safety and continuity of essential services, hospitals and health centres, fire service departments and other essential service providers are exempted and shall continue to provide appropriate services,” the statement added.

The Permanent Secretary urged heads of exempted essential institutions to ensure uninterrupted service delivery during the election period.

She also directed chief executive officers and accounting officers across state parastatals to ensure compliance and wide circulation of the directive.

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BREAKING: Mixed Reactions as Tinubu Announces Fresh Appointment

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The news of Kunle Elebute by President Bola Ahmed Tinubu as the chair of the Governing Board of the Financial Reporting Council of Nigeria (FRCN). has started generating reactions from Nigerians.

Kunle Elebute, a renowned chartered accountant and financial management consultant, as the chair of the Governing Board of the Financial Reporting Council of Nigeria (FRCN).

This was disclosed in a statement by the presidency on Thursday, June 18, adding that his appointment, adding that his appointment was meant to strengthen corporate governance, deepen accountability and transparency, as well as enhance the confidence of investors within the financial reporting ecosystem of Nigeria.

According to The Punch, Elebute is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) with over 40 years of professional experience in Nigeria, West Africa and the world at large. Elebute had earlier served as the senior partner and chief executive officer of KPMG Nigeria, the KPMG West Africa chairman and the chairman of KPMG Africa.

Also, he had served on the regional and global boards of KPMG, such as its Global Board Audit Committee.

In the statement, he was described as a highly respected professional with wide experience in financial advisory services, auditing, strategic transformation, risk consulting and corporate governance.

Below are some of their comments: 

Segun Benson said the appointment should have gone to another qualified person in another region of the country:  “I would have expected Mr President to appoint a qualified person from another region.. no shades.”

Dimeji Lawal said that Nigerians are on the lookout for the effect of the appointment: “The appointment is one thing. The impact of the appointment is what Nigerians will be watching.”

Danjuma claimed that Tinubu’s appointments are following a particular pattern of the late former president Muhammadu Buhari: “I like Tinubu for this, he is following the footsteps of Buhari, who fulanised Nigeria with his appointments.”

Shamsuddeen commended the appointment of Elebute by President Tinubu, describing it as wonderful: “That’s another wonderful selection by President Tinubu GCFR by appointing Mr Elebute. Congratulations sir.”

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Tinubu Makes Fresh Top Appointment

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Nigeria, Benin Sign Integration Pact

President Bola Tinubu has approved the appointment of Kunle Elebute as the Chairman of the Governing Board of the Financial Reporting Council of Nigeria.

Naija News reports that the appointment was disclosed in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday.

Mr. Kunle Elebute

Mr. Kunle Elebute

Elebute is a former Chief Executive Officer of KPMG Nigeria and previously served as Chairman of KPMG Africa.

During his illustrious career, he also served on KPMG’s regional and global boards, including its Global Board Audit Committee.

He is an accountant and economist with several decades of experience in auditing, financial advisory, corporate governance, and business consulting.

“Mr Elebute’s appointment comes at a pivotal time as the FRCN advances key institutional priorities, including ongoing engagements under the UK-Nigeria Enhanced Trade and Investment Partnership and broader efforts to align Nigeria’s corporate reporting framework with international best practices.

“The Federal Government is confident that his wealth of experience, leadership, and governance expertise will further strengthen the Council’s mandate and support the Renewed Hope Agenda’s objective of building a more transparent, competitive, and investment-friendly economy,” the statement added.

The Financial Reporting Council is the agency responsible for setting and enforcing accounting, auditing, actuarial, valuation, and corporate governance standards in Nigeria.

 

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