28 Nov AFRICAN eCOMMERCE: ONE BILLION CONSUMERS GETTING READY FOR eCOMMERCE AND ONLINE PAYMENT STARTING WITH KENYA AND NIGERIA
There are some really big eCommerce businesses emerging on the African continent and paving the way for multinational eCommerce companies to sell to African consumers and expand to eCommerce hubs like Nigeria and Kenya. Jumia for example is backed by global player Rocket Internet, and has revenues of around $30m per annum and valued on a recent round of funding at half a billion dollars. The African continent has a billion consumers and a rapidly growing middle class many of whom who are hungry for Western goods and services, mature users of the internet on mobile, and have disposable income. According to McKinsey, half of African consumers will have access to the internet by 2025 and online shopping could be $75b. Consumption on the continent has been growing at more than 10% per annum and online shopping could account for 10% of retail sales by 2025. There are a number of multinational eCommerce giants like Uber, AirBnB and Facebook entering the African market. Cash is still king in African countries, but in Kenya, M-Pesa is a dominant online payment method and Nigeria debit and credit cards. There are a number of payment methods and payment gateways in each country across the continent, but there is no pan-African payment solution. African Payment Solutions is linked to a number of local African alternative payment methods in various countries including Nigeria, Kenya, Mozambique, Rwanda and many more for credit card. African Payment Solutions can also provide a complete end-to-end eCommerce payment service from processing the transaction through to collecting and repatriating the proceeds to the multinational headquarters in their home currency. Contact us now if you are a multinational eCommerce company looking to expand across Africa.