SWIFT data shows total regional message traffic volume grew by 20.1 per cent compared to 8.2 per cent growth worldwide.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) says East Africa has outperformed the rest of the world, which is a reflection of a successful regional payments system.
SWIFT data shows total regional message traffic volume grew by 20.1 per cent compared to 8.2 per cent growth worldwide.
The data also shows that intra-regional FIN (the message exchange platform) payments traffic is up 19.8 per cent from 2015 and now accounts for 69 per cent of FIN payments traffic in the region.
FIN is a message type that transmits financial information from one financial institution to another. The average daily number of messages has almost doubled since 2013 from 15,234 to 27,907 in 2016.
“East Africa holds some of Africa’s fastest growing economies and is a significant growth area for SWIFT,” said Denis Kruger, head of sub-Saharan Africa on Wednesday in a statement.
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