Africa is going to be one of the fastest growing digital and payment economies in the world. A 90% cash payments landscape that is rapidly transitioning to mobile digital payments.
The need and drive for frictionless, cross border and digital mobile payments and financial inclusion is igniting structural changes in the African financial landscape to underpin this.
Noone wants to be left out so there is a flurry of cooperative venturing to lever...
Latest research by Markets and Markets on Mobile Money gives us a good take on the accelerating growth of mobile money across the world and particularly Africa. The global mobile money market is expected to grow by 29% CAGR to $12bn in 2020.
The main drivers are:
Mobile subscription growth
Government drive for cashless economies
Growth in digital payment-based businesses
Proliferation of payment related apps
Payments of the future and particularly across Africa are definitely going to include Central Bank Digital Currencies. The South African Reserve Bank with Project Khokha has been experimenting CBDC's in concert with Consensys which is Ethereum's leading accelerator.
The goal with Project Khokha was to contribute to the global initiatives which assess the application and use cases of distributed ledger technology (DLT) through this collaborative...
There are about 30m online shoppers across Africa at time of writing which is not quite 2% of the global count and its growing at between 10% and 20% per annum, higher than the global average growth.
Kenya, Nigeria and South Africa have the biggest local online eCommerce shopping platforms and are good hubs to start with in an eCommerce expansion to and across the African continent.
Marketplaces are big, and the markets are dominated by giants like T...
Here is a high level on payment infrastructure in four Sub-Saharan African regions kind courtesy of Cenfri.
SADC Payment Systems
SADC = Angola, Botswana, Comoros, Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Tanzania, Zambia and Zimbabwe
The SADC Payment Systems project is to achieve regional financial integration. Interoperability is a priority to bring all member countries and the...