digital payments in Africa Archives

How to get it right in DRC By Christian Bwakira, MFS Africa's Group Chief Commercial Officer To understand the dynamics of Africa's payment ecosystem, it is crucial to recognise what sets the continent apart from other markets. Unlike economies such as Europe, Africa lacks a uniform infrastructure, especially in francophone countries. The continent presents unique challenges that require unique solutions. When a global enterprise enters the continent, it must understand the dynamics, regulatory frameworks, and local business practices. Failure to grasp how things work in Africa can hinder the ability to connect sellers and buyers and impede business success. Adapting to Africa's payment landscape involves considering the available payment methods, developing user-acquisition strategi...

While cash and mobile money remain the dominant payment methods in Africa, they come with significant challenges. Cash is inefficient, insecure, and expensive, while mobile money services often lack the necessary regulatory support to operate independently. However, key emerging trends in the sector are helping to drive meaningful financial inclusion across the continent, notes Mark Dankworth, President of Business Development Africa at leading Banking as a Service and embedded finance enablement partner, Ukheshe. One of the most significant trends in the African payments sector is the increasing collaboration between banks and fintech companies. Banks, as regulated entities, play a critical role in processing funds, which then flow into digital wallets where fintechs are best positione...

Tag: digital payments in Africa

Why an African-based, African-run payments partner with global insights is essential for success on the continent

Building trust in digital payments in Africa