The Society for Worldwide Interbank Financial Telecommunication (SWIFT) says its payment business in Africa has outperformed the total growth of the business globally, proving once again the continent’s importance to the organisation’s long term growth.

“Africa is an important market for SWIFT. Once again it has outperformed most of our other regions and has proven itself a critical component of our global business,” said  Hugo Smit, Head of Sub-Sahara Africa, SWIFT.

“Because the continent has such huge growth potential, we are continuing to invest more resources to support the local financial community. It is very heartening to see such impressive growth in West and East Africa, where we are currently opening new SWIFT offices,” he adds.

In the year to date, African payment traffic volumes grew by 13.2 percent versus 8.8 percent growth for SWIFT worldwide, highlighting the sustainable growth in the region. Africa, in fact, was the fastest growing region for payments traffic, surpassing EMEA at 6.9 percent, the Americas at 12.1 percent and APAC at 12.6 percent growth.

In addition, SWIFT traffic between African countries recorded its highest ever growth rate underpinning the evolution of the intra-African transaction corridors.

Looking at SWIFT traffic at a country level, many African countries have experienced a staggering pace of growth. In Angola, for example, payments traffic grew by more than 78 percent in the year to date, versus the same period last year. In West Africa, Ghana payments traffic rose by almost 30 percent and securities by almost 55 percent.

East Africa has witnessed particular growth. In Kenya, payment message traffic rose by 23.1 percent while securities related growth was a startling 122.3 percent. In Tanzania, payments rose by 32.9 percent and securities by 45 percent, and in Uganda, payments were up by 17.5 percent and securities rose by 31.6 percent.

Although the SWIFT Index is specifically relevant to Organisation for Economic Co-operation and Development (OECD) countries, the validation of SWIFT data and methodology by the Center for Operations Research and Econometrics (CORE) demonstrates the relevance of SWIFT traffic information as a means of understanding economic activity.

Christian Sarafidis, Deputy Chief Executive EMEA, SWIFT, highlighted the value of SWIFT data in the story it tells about African economies. “Through the development of the SWIFT index, we know that SWIFT data is closely correlated to economic activity,” says Sarafidis.

“Rising SWIFT traffic volumes are therefore an indicator of economic growth. The figures revealed today 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.”

The growth figures are the latest data showing a long-term growth trajectory, with Africa’s total SWIFT traffic rising by 44 percent over the last three years. Payments have been the main engine of this term growth, with a 42 percent rise over three years; securities too have outperformed, with a growth of 37 percent across Africa in the same period.