Real-time payments (RTP) – transactions that are initiated, cleared and settled within seconds – are rapidly being adopted globally. This shift is transforming how payments are made, improving speed, reliability and financial access across Africa. Historically, payments made via cheques, cards or electronically, were processed by banks in batches, several times per day, but generally not overnight or on weekends, resulting in stilted cash flows for businesses, lags in reconciling personal bank accounts and money locked in the payment processing system.  

The alternative to cheques, cards and old-style online transactions is cash, the currency literally and figuratively of millions of the unbanked population on this continent. Real-time payments, now an integral part of the digital economy in Africa, are promoting financial inclusion for underserved people, bringing them into the mainstream economy. This in turn results in economic growth for the country in which they are transacting.

What are real-time payments?

Real-time payments are exactly that – payments that go through a system or platform that is processing payments continuously, 24/7, making immediate remittance from the purchaser’s bank account to the vendor’s. RTPs are safer than cash, which can be stolen or counterfeited and more secure than other traditional digital payments, where the purchaser may take ownership of an item before confirmation that the funds are available to pay for it.

This rapid growth is laying the foundation for modern financial ecosystems - helping to bring previously unbanked populations into the mainstream economy.

The importance of RTPs in financial inclusion

It is estimated that anything between 57% and 80% of Africa’s population is unbanked, while the continent has an average mobile phone penetration of 60%, which can be much higher in some countries. Real-time payments are enabled through platform interoperability between banks and mobile phone networks, mobile money systems and QR codes, making e-commerce and cross border payments more accessible to those without formal banking facilities. Greater economic empowerment for those previously unbanked has resulted in an additional US$7 billion to Nigeria’s GDP, and in Ghana, RTPs are being pioneered to pay government’s social grants.

Innovative use cases of RTP

RTPs improve liquidity and cash flow for SMEs and give users a much clearer, real-time view of their finances. Real-time payments cannot be revoked, and they also enable faster reimbursements - such as for insurance claims. More people are now participating in the digital economy by creating e-commerce sites that use RTPs, enabling safe and instant transactions for goods and services.

Key players in the RTP ecosystem

The RTP ecosystem is populated by a number of role players, including public private partnerships between governments who regulate the space, central and commercial banks, mobile network operators, and fintechs. Collaboration between stakeholders enables the growth of digital economies on the African continent, as governments legislate and monitor the operating environment, and banks and mobile operators work together to create interoperability, with fintechs building the infrastructure that drives scalability in the sector.

One such enabler is EFT Corporation, whose modular infrastructure supports real-time processing and empowers banks and fintechs to deliver digital services through Banking-as-a-Service (BaaS), acquiring, issuing, and payment orchestration - all tailored to local market needs. By partnering with national switches, banks, and fintechs, EFT Corporation helps financial institutions across Africa scale digital payment capabilities without having to overhaul legacy infrastructure. Its technology stack is designed to support real-time clearing and transaction orchestration - including SoftPOS, QR, and mobile wallet integrations.  

Challenges and the way forward

Africa remains a complex but fast-growing environment offering massive opportunities for development and growth in the digital payments sector. These include infrastructural challenges, cybersecurity concerns, standardisation efforts, and regulatory inconsistencies between countries.  

As many African governments lead the way in reducing the reliance on cash in their economies, RTPs offer the ideal solution. Their scalability offers almost limitless growth and with more opportunities for technical innovation, greater financial inclusion and economic growth for Africa will follow.

Want to enable real-time payments in your market? Learn more at eftcorp.com or get in touch to explore how our infrastructure can support your digital transformation goals.

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