Kenya, Nigeria, South Africa and Egypt have emerged as Africa’s strongest performers in cross-border payments integration, ranking among the world’s top 50 markets in the latest Thunes Cross-Border Payments Interoperability Index, underscoring both progress in digital finance and persistent structural barriers to global financial integration.
Africa’s digital payments landscape continues to evolve rapidly, but the continent still faces significant friction in connecting efficiently to global financial systems, according to the 2026 index published by Singapore-based payments firm Thunes.
The report evaluates more than 130 countries and 90 currencies, measuring how easily money moves across borders through a combination of economic, technological and regulatory indicators.
Kenya tops the African rankings, placing 36th globally with a score of 4.2 out of 10. The index credits Kenya’s relatively strong fintech ecosystem and widespread mobile money adoption as key drivers of its performance, reflecting its long-standing role as a continental leader in digital payments innovation.
Kenya’s position highlights how early investment in mobile money infrastructure continues to translate into stronger interoperability with international payment systems compared to many peers.
Nigeria ranks second in Africa and 43rd globally with a score of 3.6, while South Africa follows closely in 44th place, also scoring 3.6.
Egypt completes the African group in the top 50, ranking 47th globally with a score of 3.0.
Despite their relative lead on the continent, all four countries remain far from the top global performers, reflecting ongoing inefficiencies in cross-border payment systems and limited financial connectivity compared to advanced economies.
At the top of the global ranking, Denmark leads with a score of 8.8, followed by Singapore and Norway. The index highlights a widening gap between efficient domestic payment systems and slower, more fragmented cross-border transactions worldwide.
While many countries now offer near-instant domestic transfers, international payments often still take two days or more to settle, even in advanced financial markets.
The report attributes this to infrastructure gaps, regulatory inconsistencies, and incompatibilities between national financial systems, all of which continue to slow down global payment flows.
The index shows that although fintech innovation is accelerating across Africa, structural constraints continue to limit cross-border interoperability.
A key challenge is the continued decline in correspondent banking relationships, which has reduced Africa’s integration into global financial networks and increased transaction friction for both businesses and consumers.
These limitations are compounded by uneven regulatory frameworks, infrastructure disparities, and varying levels of financial inclusion across the continent.
The report also notes that cash remains the dominant payment method in many African markets, even as digital payment adoption grows.
Countries with stronger fintech ecosystems tend to perform better in interoperability rankings. However, even leading African markets face significant gaps when compared to global standards.
The index incorporates data from the World Bank, including its Global Findex 2025 database and remittance cost indicators, alongside survey responses from 6,600 individuals and businesses across major economies.
It evaluates countries across five dimensions: economic health, digital infrastructure, financial inclusion, cross-border connectivity, and market dynamics.
The report also highlights a major shift in how people send money internationally. Mobile wallets and payment apps have become the dominant channels, used by 48% of global respondents for cross-border transfers.
Cryptocurrency platforms are also gaining traction, used by 11% of respondents globally. In Nigeria, adoption is significantly higher, with around 40% of respondents reportedly using crypto platforms for international payments.
This reflects both innovation in financial technology and, in some cases, constraints in traditional banking channels.
While Kenya’s, Nigeria’s, South Africa’s and Egypt’s inclusion in the global top 50 signals progress, the overall findings underline a broader reality: Africa’s payment systems are advancing quickly but remain constrained by structural and regulatory barriers.
Without deeper integration into global banking networks and stronger harmonisation of financial regulations, the continent’s growing fintech ecosystem may continue to operate in parallel to, rather than fully within, the global payments architecture.
