For the first time, Eswatini has been included in the State of Inclusive Instant Payment Systems (SIIPS) Report, ranking among five African countries that have introduced new instant payment systems (IPS) since 2022.
This milestone places the Kingdom at the heart of the continent’s fast-moving journey toward modern, interoperable, and inclusive financial infrastructure.
The SIIPS 2025 findings, released Thursday at the Central Bank of Eswatini (CBE) Complex in Ezulwini, show that Eswatini joins Sierra Leone, Algeria, Somalia, and Libya as the newest additions to Africa’s instant payments landscape. This brings the total number of active domestic IPS on the continent to 33, up from 28 last year.
The State of Inclusive Instant Payment Systems (SIIPS) Report is an annual publication by AfricaNenda, produced in partnership with the World Bank and the Bill & Melinda Gates Foundation. Since its debut in 2022, it has become Africa’s most authoritative resource for assessing the development, accessibility, performance, and inclusivity of instant payment systems across the continent.
The report examines national and regional payment platforms by analyzing interoperability among banks, fintechs, and mobile money operators; system design and governance; transaction volumes and values; participation of service providers; and inclusivity indicators that measure how well low-income users and small businesses are being reached. It also reviews regulatory environments that support or hinder innovation.
Consequently, SIIPS acts as a vital benchmark for policymakers, central banks, development partners, and the private sector to monitor progress, identify gaps, and improve strategies that promote financial inclusion through real-time, low-cost digital payment systems.
AfricaNenda Foundation CEO, Robert Ochola, described the emergence of new systems, including Eswatini’s, as “not just technological progress, but a quiet revolution in economic participation,” noting that payment systems now serve as modern tools empowering Africans “to trade, to save, to build, and to participate fully in the digital economy.”
Eswatini’s inclusion is notable: the country was not featured in previous SIIPS editions because its instant payment infrastructure was still under development. The launch of the Eswatini Payment Switch (EPS) Fast Payments module in December 2024 was the turning point that qualified the nation for this year’s report.
Central Bank Governor, Dr. Phil Mnisi, emphasized that the EPS is a core part of Eswatini’s National Payment System Vision 2021–2025, aiming to improve interoperability between banks and non-bank operators while expanding access to digital financial services.
Ochola highlighted that Africa is “building its own infrastructure for inclusion,” citing increased collaboration among central banks, governments, and private-sector innovators across the continent. He referenced examples like Sweden’s Swish, Brazil’s Pix, and Kenya’s M-Pesa to show how instant payments can evolve from convenience tools into national economic drivers.
Governor Mnisi stated that the release of the SIIPS 2025 Report in Eswatini demonstrates the Kingdom’s dedication to creating a financially inclusive society. Currently, Eswatini enjoys 87% financial inclusion, mainly driven by mobile money adoption and reinforced by recent regulatory reforms such as the National Payments System Act of 2023.
He added that fast payments are quickly gaining public trust, with monthly transaction growth averaging 269% in the first six months after EPS went live. The next steps involve QR payments, merchant adoption, government payments, and Open Banking features.
Although significant progress has been made, experts noted that there are still gaps in system reporting, with some countries, like Mozambique, unable to provide complete IPS value data. Nevertheless, the continent continues to see rising transaction volumes, greater interoperability, and increased adoption by merchants and consumers across new and existing systems.
Ochola described inclusion as an economic strategy capable of transforming agriculture, healthcare, education, and MSMEs through real-time payments, data-driven innovation, and open finance models.
For Eswatini, joining the SIIPS ecosystem signifies more than technological alignment; it marks the country’s readiness to shape Africa’s digital financial future.