Africa’s financial system has advanced through mobile money, instant payments, digital lending, open banking and tokenised products.
The report indicates that africa’s financial system has advanced through mobile money, instant payments, digital lending, open banking and tokenised products.
It further notes that this progress, supported by broader access to finance and stronger regulatory engagement, gives banks a clear foundation for responsible digital asset adoption.
The scale of change is already visible: in 2024, mobile money processed about 108bn transactions worth more than US$1.68trn, supported by over 2 billion registered accounts and more than 500 million monthly active users.
The opportunity is especially strong in Africa, where remittances remain costly. Sub-Saharan Africa recorded an average transfer cost of about 8.37% in 2024, reinforcing the need for more efficient channels such as real-time payments, stablecoins and Pan African Payment and Settlement System (PAPSS).
Digital assets are also gaining practical use. Stablecoins account for roughly 43% of crypto transaction volume in Sub-Saharan Africa, while PAPSS has reportedly expanded to 16 countries, 15 financial institutions and 14 national switches. Recent success stories from examples reinforce this shift.
Mobile money is extending access beyond branches; real-time payment systems in Kenya, Nigeria and Ghana are improving transfer efficiency, PAPSS is supporting local-currency settlement, and platforms such as TymeBank, Flutterwave and M-Pesa show that African financial innovation can scale.
Digital assets are items of value that exist electronically and can be stored, transferred, traded or settled digitally. In banking, they include cryptocurrencies, stablecoins, tokenised bonds or deposits, central bank digital currencies and tokens representing ownership or access rights.
How Global Banks Are Embracing Digital Assets
Global banks are already using digital assets to improve payments, settlement, custody and capital markets activity, showing that the technology is moving into mainstream financial infrastructure.
These initiatives address long-standing challenges in efficiency, liquidity and client service.
Digital Asset Adoption: Africa vs Global Banks
Africa and global banks are adopting digital assets from different starting points. Africa’s adoption is driven by practical needs such as cheaper remittances, access to finance and mobile-first services, while global banks are focused on tokenisation, custody, wholesale settlement and regulated capital markets infrastructure.
For African banks, the lesson is clear: digital assets are not just a crypto trend. They will offer a route to modernise payments, expand access, support trade and protect client relevance, provided banks manage the risks carefully.
African banks face several barriers that could slow adoption if not addressed through clear regulation, investment, partnerships and strong controls.
