Guinea has launched its first national instant payment system, introducing a single platform that allows participating financial institutions to exchange real time payments across the country. The system, called NimbaPay, is part of the government's effort to modernize the financial sector and expand access to digital payments.
The Central Bank of the Republic of Guinea (BCRG), the country's central bank, developed the platform with implementation by Guinéenne de Monétique, a company focused on payment infrastructure. NimbaPay enables instant, secure and interoperable transactions between banks, electronic money institutions and microfinance institutions, replacing a fragmented payment environment with a shared network.
The platform is intended to increase financial inclusion and reduce reliance on cash by making low cost digital transactions available across the financial system. Individuals and businesses can transfer funds between participating institutions regardless of where their accounts are held.
Support for the project extended beyond Guinea's financial sector. AfricaNenda Foundation, an organization that promotes instant payment systems across Africa, provided technical and strategic assistance, while the platform runs on the open source infrastructure developed by Mojaloop Foundation.
The rollout is tied to Guinea's Simandou 2040 programme, which calls for investment in public digital infrastructure and economic diversification using revenues from the country's strategic resources. Future phases of NimbaPay are expected to add government and public administration payments as well as regional cross border transaction capabilities.
“Each new instant payment system brings us closer to an Africa where individuals and businesses can transfer money instantly, safely and affordably.
“This achievement reflects the commitment of BCRG, as well as the collaboration of all stakeholders across the payments ecosystem. We are confident that NimbaPay will expand access to digital financial services, drive innovation and create new opportunities for individuals and businesses throughout Guinea,” said Dr Robert Ochola, managing director of AfricaNenda.
Guinea becomes the latest country supported by AfricaNenda to deploy a national instant payment system, joining Rwanda and Liberia. Officials said NimbaPay establishes the payment infrastructure needed to support the country's growing digital finance ecosystem, with cross border payment support planned in future stages of the project.
