19 Sep The Complex Web Of Dynamic And Disparate Payment Methods And Payment Providers Across Africa Can Be Confusing

Whilst researching my Msc in Digital Currencies thesis, “The Next Five Years In Online Payments Across Africa” I realised what a disparate and diverse range of payment companies and payment methods there are across the continent which must be really confusing for merchants.

Even as an African I find it really difficult to understand and to believe what some of the payment providers and payments companies across Africa actually do or don't provide. It's not necessarily a fact that website advertised online payment services are actually available or that the company is even operating, despite having raised large sums of dollar or euro investment.

Payment providers including banks, mobile monies and payment gateways and even wallet and fintech startups are all trying their hand at providing standalone consumer products or an aggregation of African payment methods.  Some of them are jurisdictional (for instance from a particular country or two) and others are focused on a specific niche (for eg cards or certain mobile monies) from certain jurisdictions.

In my research it has been really difficult to contextualise and be specific about how each of these payment providers can deliver a specific and useful service to a particular target market.  It would be a nightmare for international eCommerce merchants to integrate to multiple providers to get comprehensive online payments coverage.

There are quite a few ventures that are leveraging European, USA or UK expertise and capital in the development and expansion of their online payment business.   A new name has emerged for this sector called PayTech as a subsection of FinTech, and it is enjoying significant investment as a result of the African rising connected middle class online shopping opportunity.

The bottom line is that Africa is not a country, it's a continent with 54 countries.  Sub-Saharan African dynamics are very different to North Africa. To simplify things for eCommerce merchants expanding across the African continent are well covered by offering three specific payment types; cards, mobile money, and bank debits. Core territories to kick off with are Kenya, Nigeria, and South Africa. These are relatively mature markets for eCommerce business.

To simplify matters for eCommerce merchants.  If you are looking for a payment provider for online payment across Africa, African Payment Solutions can make it easier for you to get paid at the checkout with mobile money, bank debits and card acquiring in the above three territories.

Click here to get paid at the check out by African consumers.