Nigeria’s real-time and digital payments revolution is driving economic growth and financial inclusion at unprecedented levels for the largest African economy, according to the 3rd edition of Prime Time for Real-Time, published by ACI Worldwide, (NASDAQ: ACIW), in partnership with GlobalData, a data and analytics company, and the Centre for Economics and Business Research (Cebr).
The report-tracking real-time payments volumes and growth across 53 countries – includes an economic impact study for the first time, providing a comprehensive view of the economic benefits of real-time payments for consumers, businesses, and the broader economy across 30 countries.
The report revealed Nigeria as Africa’s undisputed real-time and digital payments leader. The country recorded 3.7 billion real-time transactions 2021-ranking 6th in the league table of the world’s most developed real-time payments markets – behind India, China, Thailand, Brazil, and South Korea.
The widespread uptake of new digital and real-time payments services in Nigeria helped unlock $US 3.2 billion of additional economic output in 2021, representing 0.67 % of the country’s GDP.