Digital Payments Are the Key to a Cashless Future in Africa
COVID-19 has accelerated the adoption of digital payment platforms by millions of people across Africa.
The need for contactless transaction methods transformed what was once a nice-to-have into a requirement.
Indeed, while the pandemic has increased the adoption of digital payments across industries, demographics, and payment types on the continent, Africa has been at the forefront of the payments space since 2010, led by mobile money services.
As a company that serves thousands of businesses at various stages of development across 35 African countries, we’ve seen firsthand the sheer drive and resilience that underpins this digital payments revolution.
The continent’s entrepreneurial spirit inspires us to innovate for businesses, connecting people and their resources, and aligning our strategy to increase the adoption of digital payments by…
Expanding Our Market Presence in Existing Markets
We recently expanded into eight new countries – South Africa, Egypt, Senegal, Côte d’Ivoire, Cameroon, DRC, Angola, and Ethiopia – to accelerate payment digitization for global, regional, and local businesses in order to build a more connected Africa.
We are enabling millions of people to do business, access basic services, and even connect with their loved ones when it matters most by creating seamless payment experiences for businesses and consumers.
While what we’ve accomplished thus far is impressive, with coverage of 220 million banking, mobile money, and card consumers, we intend to go deeper in the countries where we already have a presence. We are confident that we have only scratched the surface and that there is unrivaled opportunity in…
Exploiting the Underserved Offline Payments Market
According to a GSMA report released earlier this year, mobile money accounts grew to 1.2 billion, with Africa accounting for 43 percent of new users. Based on this growth rate in just one year, it is clear that the market size for offline payments is significantly larger than the market size for online payments. We’ll be focusing on this space in the coming years, even as we continue to expand in online payments.
There are 44 million micro, small, and medium enterprises in Sub-Saharan Africa alone, providing the majority of jobs and effectively serving as the backbone of their countries’ economies. The majority of these businesses, as well as the people they serve or employ, still accept offline or cash payments. While we are eager to expand our access to these businesses, we can only do so by…
Partnerships to Create a Win-Win Ecosystem
As a fintech company, we are inextricably linked to the banking ecosystem and see them as partners rather than competitors. Leveraging partnerships with various industry entities, such as banks, mobile network operators, and large enterprises, is a critical aspect required for growth in the fintech space.
Why?
Because consumers are increasingly using digital methods for payments – from peer-to-peer transactions to purchasing household goods, paying bills, and accessing basic services such as healthcare and education – this presents fantastic opportunities for retailers and businesses to expand their digital capabilities as people move away from cash dependency.
Our driving force is to enable businesses to adapt quickly to changing demands by providing the appropriate infrastructure and relevant value-adds.
