27 Jun Mobile Money Trumps Bank Payment for eCommerce Online Payment in Africa

More than 80% of Africans have access to mobile phones and less than 25% have a bank account.  Go figure what this means for multinational merchants who want to sell goods and services to African consumers.  

Africans have leapfrogged traditional and mobile banking services as a result of telco mobile banking and payment facilitation.  Pretty much every mobile consumer in Africa can use it as a “banking” mechanism whether it is M-Pesa or Airtel or one of the many other mobile money platforms.

The lack of fixed line infrastructure and availability means that they made it easy and economical for Africans to access the internet using their mobile phones.  So put together the combination of upwardly mobile consumers hungry for buying developed market goods and services, with mobile phone penetration, the ability to access the internet, and mobile payment capability and you have an explosive market opportunity.

African Payment Solutions has lined up the primary payment methods in Sub-Saharan Africa so that multinationals through a single integration can sell to consumers in Kenya (M-Pesa online), Nigeria (Verve local debit card with PIN) and many other African countries.

Safaricom was the first to work out a way to mass market penetration for mobile payment with a  simple, low tech solution that created an economically connected country and the ability to pay and get paid.  Now, with the link to African Payment Solutions payment gateway, Kenyans can pay for overseas goods and services with ease.

Equity Bank in Kenya is jumping on the bandwagon in partnership with Airtel to launch Equitel and hopes to get 5m subscribers for their African mobile money service.  Others working for a mobile money solution are in Cameroon where Orange is partnering with Ecobank, and in Nigeria where GT Bank and Etisalat are going for a mobile money play.

It is time for multinational merchants who want to get in the on the mobile commerce and eCommerce action on the African continent, to link with African Payment Solutions for getting paid online in Kenya with M-Pesa and Nigeria with Verve debit card online.  This can be extended to other mobile money platforms as and when they become viable for you as a merchant.   

Thank you to http://themarketmogul.com/mobile-payments-revolutionising-african-lives/ for their content inspiration