Executive Summary

This Reference Guide, developed by AfricaNenda Foundation, is a practical resource designed to help African Countries establish and strengthen inclusive instant payment ecosystems. It provides a structured framework for developing scheme rules, offering the legal, operational, and governance foundations necessary to build secure, efficient, and accessible instant payment systems.

The Reference Guide addresses key areas such as scheme purpose, governance structures, participation criteria, transaction processing, settlement mechanisms, risk and compliance frameworks, dispute resolution, user experience, and pricing principles with the aim to enhance understanding of key concepts, requirements, and best practices among all stakeholders while ensuring consistency and transparency in rule application across payment ecosystems.

This Reference Guide is principles-based rather than prescriptive, acknowledging the diversity of legal systems, market structures, and development stages across the continent. It provides options and considerations rather than mandates, enabling countries to make informed decisions aligned with their specific circumstances and policy objectives while maintaining adherence to international standards and best practices such as the Principles for Financial Market Infrastructures (PFMIs) and ISO 20022 to support global interoperability.

The Reference Guide is intended for a broad audience, including central banks and regulators, Scheme operators, financial institutions, fintechs, and technical advisors. Each stakeholder group will find clear guidance tailored to their respective roles, responsibilities, and compliance obligations within the IPS ecosystem. Each section provides both educational content and practical implementation guidance to support these diverse audiences.

By promoting transparency, consistency, and interoperability, the Reference Guide serves as a blueprint for building resilient and scalable instant payment systems across Africa, fostering broader participation and accelerating the continent’s digital financial transformation.