Africa sees higher levels of SWIFT messaging

New data from SWIFT show that Africa’s traffic growth has outperformed the total growth of SWIFT globally. Total message traffic volumes in the year to date grew by 12.8 percent versus 5.4 percent growth for SWIFT worldwide, illustrating that Africa plays an increasingly important role in SWIFT’s global business. Levels of growth were also significantly higher than in EMEA at 3.2 percent and the Americas at 6.7 percent, and closely behind Asia Pacific at 15 percent.

This growth is underpinned by a significant increase in securities and treasury traffic, says SWIFT; securities rose by 15.6 percent while treasury traffic increased by 23.7 percent. Growth was even more pronounced in the South Africa Development Community (SADC), with securities traffic up by 16.6 percent and treasury by 56.1 percent.

The payment segment has also witnessed a strong rise in volumes, a reflection that many countries in Africa continue to see good economic growth despite a more challenging global environment.

Sido Bestani, head of Middle East, Turkey & Africa, 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 are closely correlated to economic activity. Rising SWIFT traffic volumes are therefore an indicator of economic growth,” he said. “The data released today indicate strong but also long-term and sustainable economic growth across Africa.”