21 Nov When it Comes to Online Payments, Does the Fragmented Nature of Doing Business Across Africa have its Advantages?

In terms of eCommerce Payment and Online Payments across Africa, you have probably heard it many times before “Africa is a continent, not a country” and I ask myself the question “Does the Mildly Chaotic and Fragmented Nature of Doing Business Across Africa have its Advantages”.

As opposed to the EU where legislation and compliance is relatively homogeneous, Africa is made up of 54 countries, each with its own set of rules and unique approach to business and finance.  They have one thing in common, each of these countries has rising and increasingly connected middle class consumers and government who is hungry for economic growth and financial inclusion.

This certainly makes it an exciting place to do business for eCommerce companies expanding into and across this colourful collage of compliance and opportunity.  The beauty of Africa’s diversity is that it is the land of opportunity.

Compliance and legislation is not drafted or implemented the same in each country which lends itself to, like water in a river, business and finance finding great ways to navigate and accelerate fintech and paytech.  

For example in some countries, for some online payment methods, there is a requirement for merchants to have a local legal entity, in some situations a bank account as well, and in others they are happy for us as African Payment Solutions to be proxy for merchants in the collection and repatriation of the proceeds of their eCommerce collections.

In some countries we can acquire in USD as an alternative currency and repatriation of funds to the eCommerce merchant home office is simple and easy and in others there are significant capital and forex controls that need to be adhered to.  

Whilst this variability can be frustrating, it creates amazing opportunities for eCommerce companies to find what they are looking for in terms of a simple and easy way to operate their online payments that has lower complexities and restrictions found in other highly regulated parts of the world of developed economies.

If you are a multinational eCommerce company puzzling your way through your expansion to and across Africa and looking for optimal online payments from a local payment provider, then click here to contact us now so we can help you navigate and configure the best possible payment solutions for you.