Nigeria records nearly 30 percent growth yearly in payments, securities transactions - report

Payments and securities transactions are growing faster in Africa than in any other part of the world, according to a report issued by the financial messaging institution Swift. Traffic volumes of payments information in Africa grew by 13.2% for the year 2013, as compared to the same period in 2014, surpassing Asia Pacific at 12.6%. It also surpassed the Americas at 12.1% and the “EMEA” region, which includes Europe, the Middle East and Africa, at 6.9% (or 8.8% growth).

Other countries of stand-out growth in SWIFT traffic in different countries included Angola, where payments traffic grew by 78%, Ghana’s payments traffic rose by 30% and securities by 55%. Ghana has seen average growth of 27.2% since 2013. Kenya`s payment message traffic rose by 23.1%, while securities-related growth was estimated at 122.3%. Tanzania`s payments traffic rose by 32.9% and securities by 45%; Uganda`s payments were up by 17.5% and securities by 31.6%.

Deputy Chief Executive EMEA, SWIFT Christian Sarafidis, highlighted the value of SWIFT data in the about African economies: “The figures show strong organic growth across Africa and in East Africa particularly, and serve as validation of the positive growth trends we are witnessing in the region. For the full year 2014, SWIFT data shows that 52% of the traffic sent from Africa stayed within the African zone, up by 16% on the year before and the highest growth rate for intra-African traffic.