Digital Payment Systems About To Hit Africa And Bring Out The Glory

The world is thriving on the wheels of technology. It is like a bullet train that long left the station, moving at a lightning speed, and those, not on-board risk being left out, not just today, but forever. They say change waits for no man, and so is technology.

Africa is perhaps the only continent in the world that has massive virgin opportunities in virtually every sector, waiting to be exploited. And technology has laid bare many opportunities that need to be exploited in the continent. Africa has the capability of bringing her own African solutions.

When it comes to digital payment systems, Africa has made some amazing steps in the right direction. From the success stories of the use of M-Pesa in Kenya (now landed in Ethiopia) to the expansive and towering nature of MTN, the African story is always being written.

According to AfricaNenda, the African continent is leapfrogging towards a mobile-centric, inclusive economy. The new digital payment systems that are about to hit the continent will bring more than 350 million more users into the financial system.

AfricaNenda believes that instant and inclusive payment systems can play a pivotal role in creating universal access to financial services for many financially excluded adults and are critical to achieving universal financial inclusion in Africa by 2030.

To help Africa realize her potential, AfricaNenda is set to launch the State of Instant and Inclusive Payment Systems in Africa (SIIPS – Africa) report that will provide more details on various insights and highlight the landscape of IPSs in Africa and opportunities to make them more inclusive. The report will be launched on the 25th of October 2022 at the GSMA Mobile World Congress Africa in Kigali, Rwanda.

AfricaNenda says that they listened to individuals and MSMEs from seven different countries who shared their experiences and perceptions around digital payments.

“Their stories confirmed our belief that for IPS to be inclusive, they must cater to the needs of the low-income segment end-users,” said AfricaNenda.

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