AFRICA: RAPIDLY EVOLVING STAGE FOR PAYMENT INNOVATION

Discover the dynamic eCommerce landscape in Africa, which is predicted to approach nearly USD 60 billion by 2027, driven by the increasing use of the internet and smartphones, as well as the growing popularity of mobile money and diverse payment options.

e-commerce revenue

Nigeria, South Africa, and Kenya represent the biggest eCommerce revenue in the region.

e-commerce users

The number of eCommerce users in Africa is expected to hit 609 million by 2027.

Mobile money users

In 2022, Sub-Saharan Africa had the largest number of mobile money accounts worldwide with more than 2018 million users.

Cash-based economy

Since the unbanked population remains high in Africa, North African countries especially rely significantly on cash, such as Egypt and Morocco.

Explore exciting business possibilities in Africa

COUNTRY LIST
Nigeria
Cameroon
Egypt
Ghana
Kenya
South Africa
Tanzania

Nigeria

Largest economy in Africa

Nigeria boasts of a GDP of $493.9, a growing population of 214 million, and is the tech capital of Africa. The country is buzzing with FinTech's springing up, backed by the Central Bank's "Cashless project" to drive digital payments. The eCommerce market alone is worth $11B, and 50% of the population own a smartphone, therefore mobile optimized checkout flow is key in this market. Alternative payment methods such as card, bank transfer, eWallets, are commonly used by Nigerians to make online payments.