It's clear that Tunisia, like the rest of Africa, is moving irreversibly towards a digital economy. The rising popularity of electronic payments is creating a more inclusive, secure, and globally integrated financial landscape.
In 2024, electronic transactions in Tunisia totaled 27.891 billion dinars (approximately $8.8 billion), marking a 10.6% increase compared to the 25.230 billion dinars recorded the previous year. These figures were revealed by the Central Bank of Tunisia (BCT) in its 2024 Payments Bulletin, published on Monday, February 26. The growth reflects the increasing adoption of digital payment solutions, including mobile payments, online transactions, and the wider use of bank cards.
The sector's expansion is also evident in the significant rise in the number of transactions, which grew from 149 million to 163 million, a 9.4% increase in just one year. This momentum is driven by improved digital infrastructure, the rise of fintech companies, and government efforts to promote cashless payments as a means to boost financial inclusion and combat the informal economy.
Mobile Payments: A Key Driver of Digital Transformation
Mobile payments have become a key force behind Tunisia’s digital payment revolution. In 2024, 5.1 million transactions were conducted through electronic wallets, totaling 1.394 billion dinars—an increase of 21.4% compared to the previous year.
Most mobile transactions are concentrated in merchant payments (49.4%), peer-to-peer money transfers (36.6%), and cash deposit and withdrawal operations via e-wallets. This trend highlights the growing adoption of digital payment solutions, fueled by the expansion of active e-wallet accounts, which now number 368,595, managed by 15 payment service providers (PSPs).
Ongoing Modernization of the Payment System
To support this digital shift, the Central Bank of Tunisia is implementing several initiatives aimed at modernizing the payment ecosystem and enhancing transaction security. One key project is the TuniChèque platform, designed to digitize checks—still widely used in Tunisia. By gradually replacing paper checks with more secure electronic versions, this initiative seeks to reduce fraud risks and speed up payment processing.
Additionally, Tunisia is adopting the SWIFT ISO 20022 standard, which harmonizes financial messaging on a global scale. This transition is expected to facilitate the country’s integration into international monetary flows, improve transaction transparency, and enhance communication between banks and businesses.
Another major step is Tunisia’s membership in PAPSS (Pan-African Payment and Settlement System), a continental payment and settlement network. Developed under the auspices of the African Union and the African Export-Import Bank (Afreximbank), PAPSS enables intra-African transactions without relying on foreign currencies such as the dollar or euro. For Tunisia, this means lower costs for cross-border transfers and stronger integration into the African market.
Lastly, the Central Bank plans to extend the Elyssa-RTGS system to cover foreign currency transactions. This project aims to accelerate and secure cross-border payments by enabling real-time settlements, a significant advantage for Tunisian businesses operating internationally.
A Surge in Digital Transactions Across Africa
Tunisia’s digital transformation aligns with a broader trend across Africa, where electronic transactions are experiencing exponential growth. According to the "State of Instant Payments in Africa" report by AfricaNenda, instant payments across the continent reached approximately $1.036 trillion in 2023, with continued growth expected.
This shift is particularly evident in East and West Africa, where mobile payments dominate. Countries like Kenya (with M-Pesa), Ghana, and Nigeria have developed strong digital infrastructures that facilitate seamless transactions. North Africa is now following suit, with fintech innovations and mobile payment solutions on the rise.
The expansion of electronic payments in Africa could have profound economic implications. Greater financial inclusion will enable more citizens to access banking services and participate in the formal economy. Additionally, the digitization of payments enhances fiscal transparency and combats corruption by reducing reliance on cash, which is harder to trace.
However, one of the biggest challenges remains interoperability between different payment systems. Many services currently operate in silos, limiting the fluidity of cross-border transactions. Initiatives like PAPSS and the adoption of international standards are expected to gradually address these barriers, fostering a more interconnected African financial ecosystem.
By Samira Njoya,
Editing by Sèna D. B. de Sodji
