Are Crypto Currencies, Digital Currencies, Virtual currencies going to disrupt online payment for eCommerce by multinational ecommerce companies across Africa anytime soon. At the time of writing this I am currently in full swing with my Msc in Digital Currency thesis “The Future of Online Payments Across Africa”. The focus on online payment for eCommerce in Sub-Saharan Africa and how traditional payments, and new digital currencies, decentralisati...
Kenya, South Africa and Nigeria are the most popular eCommerce countries across Africa today.
In South Africa the currency is ZAR only and in order to repatriate your funds to your home office jurisdiction, it is important that merchants either have a legal entity in the country or that the correct reportings are filed with the South African Reserve Bank before trading. Credit cards are by far the most popular payment method for merchants wanting to launch th...
Africa is going to leapfrog the world when it comes to digital currencies. The low and slow level and cost of banking consumers in Africa is a retarding growth factor in the adoption of traditional banking accounts and methods.
Another contributing factor to adoption of digital currencies is the extent of mobile phone penetration and the level of user experience as a result of a lack of personal computer devices.
The high volumes and cost of remittance...
Gaming is alive and well and growing at more than 30% year on year across Africa. More than half the countries in Africa are enjoying mobile gaming.
It has become easier to get paid by African consumers in their local currency and with their favourite African payment methods and on a mobile which has played into the hands of the gaming sector.
A number of countries on the African continent like Kenya, Nigeria, Ghana, Botswana, Angola, Congo DRC have regulated and ...
Kenya and Rwanda are among the most improved and easiest to do business with in Africa. African countries are making it easier for multinationals to do business in terms of regulations and cross border trading.
Rwanda implemented more that 50 reforms and Kenya more than 30 that make it easier to do business. Rwanda was ranked second behind Mauritius.
Rwanda’s eGovernment has brought consumers into the online web and prepares them for being able t...
Over 60% of Nigerians (almost 60m) now have access to some kind of banking or mobile payment capability. Nigeria has more than 90m mobile and internet users and more than 15m people on Facebook.
African credit card processing - Accept online payments from Africa - African eCommerce payments
Verve card which was first issued in Nigeria and used by almost half of the card carrying Nigerians, is now being marketed and issued in Kenya. Acquirin...
Use of bank accounts in Kenya (31%) and Nigeria (41%) Mobile phone access in Kenya and Nigeria (93%). Use of mobile money in Nigeria (2%) and Kenya (81%)
Over a billion dollars of private equity is being invested into African businesses over the next 5 years and private equity firms are taking a long view when it comes to investment. Financial services is an attractive industry for them.
More than 1,000 deals were done from 2010 to 2016 and a third of them w...
Less than 3% of Africans have a credit card so, multinational eCommerce companies who are keen on expanding to Africa, need to get used to receiving online payment in a diverse number of alternative and mainly mobile payment methods. Bank transfer is also catching on fast, particularly in countries like Nigeria where the CBN is backing it.
Large eCommerce companies like Uber, Amazon, Facebook, Netflix, Microsoft, AirBnB will have to think cleverly to b...
eCommerce is on the up and up in Kenya with even Safaricom (the Mother of M-Pesa mobile payments) launching an eCommerce platform for the sale of eCommerce goods and services. Merchants are screened before being given access to the platform to sell their wares.
Safaricom has more than 70% of the country's internet users, 40m people and over $1.5bn in payments a month. Goods are currently being delivered in 3 and 5 days in Kenya and they are working on shorter deliv...
Paga is hoping to have more than 40m unbanked consumers using their local Nigerian payment method. Nigeria’s population is relatively well banked as compared to other African countries.
The Central Bank of Nigeria is working with MNO’s to roll out and promote financial inclusion with mobile money payment methods. Urban Nigerians are largely banked and its the rural consumers that are getting the most attention from a financial inclusion perspectiv...
