E-Payments in Africa, Challenges & Opportunities

The value of e-payments in Africain is expected to reach $195 billion by 2023 ( Statista ). Driven by the increasing use of mobile phones, the growing middle class, and the government's efforts to promote financial inclusion.

Popular e-payment methods in #Africa include #DigitalWallets, #ContactlessPayments, and #EmbeddedPayments. These methods are becoming increasingly popular as consumers become more comfortable with using electronic payments.

However, there are still a number of challenges to the growth of #ePayments in Africa:

• Lack of infrastructure in some countries, according to 世界银行 , only 40% of Africans have access to the internet for example. And in some countries, power outages are a regular occurrence.
• Lack of trust in electronic payments among some consumers. This is due to the fear of #fraud and the lack of awareness of e-payment security measures (A 2022 survey by the World Economic Forum found that 54% of Africans are concerned about the security of their personal data).
• High fees, the charges associated with e-payments in Africa can go up to 2.5% (2021 study by the Centre for Digital Financial Inclusion, CDFI ).
• Lack of awareness, as consumers in Africa are simply not aware of the benefits of e-payments. This can make it difficult to persuade them to switch from traditional payment methods.

Despite these challenges, the e-payment industry in Africa has several growth #opportunities, including:

• Growing middle class:?creating a new market for e-payments, as it is more likely to use electronic payments. According to the African Development Bank Group , the middle class in Africa is expected to grow from 340 million people in 2015 to 1.1 billion people by 2030.
• Government's efforts to promote financial inclusion: creating a more favorable environment for the growth of e-payments.
• Rise of mobile commerce:?expected to reach $125 billion by 2025 ( Statista ), e-commerce is expected to create new opportunities for e-payments.
• Technological development: #blockchain technology, #AI, #SuperApps ... the technology behind e-payment infrastructures is getting more and more robust and powerful which brings more opportunities to the industry.

The e-payment sector in Africa is a rapidly growing market with a lot of potential. #ePaymentTechnologyProviders play a key role in this growth, guiding #FinancialInstitutions in the making of cutting-edge financial products and services.

Technology providers like M2M Group drive #innovation by providing #data and insights, and then putting up the necessary technology to craft innovative and seamless products and services revolutionizing the market.

Get in touch with us now, and let's shape the future of e-payments together!

?? [email protected] ?? www.m2mgroup.com