Digital Payment Growing Significantly in Nigeria And Other African Countries, Hit 46% – Report

A recent report by EBANX titled, ‘Beyond Borders,’ has revealed that digital payments have continued to surge significantly in Nigeria and other African countries, growing from 23 percent to 46 percent in less than eight years.

The report disclosed that rising economies like Brazil, India, Kenya, and Nigeria are pulling the global digital market up with the rise of online purchases with instant payments, transfers, and other alternative payment methods. It further stated that cards were still strong in digital payments.

The firm wrote,

“After heavily embracing digital payments, which jumped from a 23 percent to a 46 percent penetration rate considering many of its countries in less than eight years, Africa is now on the verge of its next big leap: digital commerce, fuelled by cell phone penetration rates and constant adaptability of local, alternative payment methods to the online world, like mobile money, which reached almost universal penetration in countries like Kenya.”

Speaking on this, the President of Global Payments at EBANX, Paula Bellizia, said, “There is a solid demographic reason for these rising economies have a young and growing population, contrasting developed regions. In addition to the demographic and economic push, rising economies largely benefit from digitisation.

“The digital revolution has been disrupting industries and unlocking opportunities for both local and global players, from verticals spanning from SaaS, digital ads, and B2B online trade to gaming, streaming, social media, and e-commerce. And payments have been the backbone of this growth.”

It is worth noting that as an early adopter of digital payments, and soon to be home to an adult population of 1 billion by 2030, Africa is poised to become an important region for the digital growth of commerce and payments.