Africa has emerged as the Society for Worldwide Interbank Financial Telecommunication’s (SWIFT’s) fastest growing region, with a 17 per cent increase in total transaction volumes over the SWIFT network in the year ending March 2014.
Globally, the company said within the same period traffic volumes rose by 9.7 per cent.
In Africa, Nigeria recorded the strongest growth – peaking at 42 per cent – while securities traffic rose by 29.5 per cent. SWIFT said over the last four years Nigeria’s SWIFT traffic volumes had risen by 91 per cent.
“SWIFT data has been independently proved to be closely correlated to economic activity through the development of the SWIFT Index,” Hugo Smit, head of Africa South for SWIFT, said.
“Rising SWIFT traffic volumes are therefore an indicator of economic growth. The figures revealed show strong organic growth across Africa and in Nigeria particularly, and serve as validation of the positive growth trends we are witnessing in the region.
“Africa is one of the most dynamic and fast growing regions in the world today and in many aspects is leading the world in regional development projects that will help to boost intra-Africa trade and drive economic growth even further.”