A new continent with new opportunities:
introducing ↪Africa
A new continent with new opportunities:
The blue ocean for digital commerce and payments in Africa is vast. The Sub‑Saharan region, for example, is home to more mobile money users than any other region in the world. Yet, only two Africans out of 100 currently have a credit card. The rate is low even in countries with higher bank account ownership, which is the case in Kenya (88%), South Africa (82%), and Nigeria (51%).
Even though card penetration remains low in Africa in comparison to the world's average, nearly 60% of its population should have a bank account by 2025. Until then, the number of e‑commerce consumers shall also rise to 519 million (18% CAGR from 2017‑2025).
The vertical is expected to grow at 10% per year through 2026. Gaming in Africa is scaling 5x faster than the global average, according to Newzoo.
The industry is growing at 14% per year and should keep pace through 2026. Its growth in Africa has been near twice the global average for 2022.
In five years, SaaS and cloud companies should reach $10B in sales, pushed by the digitization of SMBs and more access to broadband in the region.
Mobile money transaction values grew 39% in the continent in 2021. The $701.4 billion in Africa corresponds to about 70% of global values. There, the success of mobile money is driven by convenience: the price is low, the usage is simple, and no credit card or internet access is required to pay.
Due to the small range of traditional financial services, the fintech sector has boomed in Africa in recent years. Several startups launched new digital payment solutions, which are more accessible than conventional financial services.
As far as digital commerce is concerned, Africa is now the world's leader in new digital buyers and mobile money users. We could not leave this opportunity behind. Besides the 15 countries in Latin America, EBANX has just launched three new markets in Africa: South Africa, Nigeria, and Kenya.
Be where the opportunities are in rising economies.
EBANX takes you there.
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