African Tech Revolution: Redefining Payments
Africa is undergoing a dramatic shift in how financial transactions are conducted, evolving from a reliance on physical cash to embracing a digital future. This transformation is fueled by homegrown innovation, a burgeoning digital infrastructure, and a new wave of businesses creating solutions that connect markets and unlock opportunities across the continent. This rapid advancement signals a significant change in the global financial landscape.
Mobile Money and Instant Payment Systems: Leading the Way
Africa isn’t just keeping pace with digital payment trends; it is actively shaping them. Mobile money, which has broadened financial inclusion for countless individuals worldwide, has its roots firmly planted in Africa. The continent accounts for a staggering majority of global mobile money accounts. In 2024, Africa held 1.1 billion out of the world’s 2.1 billion registered mobile money accounts, processing over 65% of the total $1.68 trillion transaction value. Moreover, Instant Payment Systems (IPS) are experiencing exponential growth. In 2017, Africa had only two IPS networks. By 2024, this number had skyrocketed to fourteen, handling over a trillion dollars in transactions in 2023 alone.
The progress made so far is remarkable. However, the payment landscape is still fragmented. The very innovation that powers local markets struggles to connect and unify the system, causing friction for users and businesses.
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