According to the Africa Report, as of the year 2019, mobile payment in Africa was already a $456bn market with close to 500 million user accounts. The continent’s rapidly growing population is estimated to hit 1.7 billion by the year 2030 and with the rapid growth in technology infrastructure and mobile penetration, the potential for digital payments in Africa is enormous.
Africa continues to be a continent of growth and opportunity despite challenging global economic conditions over the last five years. The COVID-19 imposed lock down in 2021 only catalyzed the continuous innovation, growth, and rapid transformations within the e-commerce and payment ecosystem. Merchants have been forced to incorporate newer and easier ways to enable transactions as well as reach and engage customers through digitally-powered storefronts.
As Fintech companies continue to innovate across the continent leveraging the young, growing, and tech-savvy population, Africa is well-positioned to be a global leader in the digital payment space.
Despite the challenges facing the continent’s nascent online payment ecosystems, the continent has a lot to offer many businesses. Its rapid adoption of digital payments, widespread use of mobile devices, and growing access to mobile money accounts mean its population clearly has the desire and the will.
Routepay is poised to lead the innovation in the payment ecosystem, removing limitations, and going beyond and across borders to connect merchants and consumers through secure digital payment platforms.