05 Jul Doubling of African Millionaires Bodes Well for eCommerce Boom and Online Payments

Who says Africa is behind when it comes to affluence.  Dollar millionaires are being created fastest by Mozambique on the African continent who are closely followed by Cote d’Ivoire and Zambia.  The number of dollar millionaires is 2,200 Mozambique and Ivory Coast 4,800.

Dollar Millionaire growth in Africa is double the rate of the global average.  South Africa and Egypt are way ahead with 46,800 and 20,200 respectively.

Generally the wealth in Africa is a small indication of the consumer boom taking place as a sequel to the primary resource and telecoms boom.  We are now experiencing a consumer rising which is further fuelled by a continent of mobile connected individuals most of whom don’t need a bank to buy and sell and transact online.

Multinational eCommerce merchants can now be linked to African consumers who can pay online with their local payment methods like M-Pesa in Kenya and Verve Debit card in Nigeria, just like any European or American consumer can.  These consumers are increasingly hungry for “Western” goods and services.

M-Pesa for example is a payment method used by most of Kenyans who can buy and pay with their mobile phone from wherever they are.  With increasing smartphone penetration this is a market that will continue to grow rapidly.  

Multinational eCommerce merchants can now link to African Payment Solutions and enjoy the benefit of an increasing number of pan-African payment methods.  

Our thanks to http://www.iol.co.za/business/news/mozambique-millionaires-race-ahead-1.1894294#.VcBYkJOqqkp for their content inspiration