Digital payments are changing the mode of everyday functions, including how Africans bank, shop, and do business.

Africa’s digital payments landscape is experiencing a remarkable transformation, largely driven by the increased trend of mobile payments, which have revolutionized how people pay for goods and services.

Technology has emerged as a silver bullet in Africa, enabling the continent to keep pace with the changing landscape of payments for goods and services globally.

Africans are adopting electronic payments and emerging alternatives such as mobile apps and digital currencies as a complement to traditional cash-based payments. These shifts towards electronic payments and the surge of alternative conceptions of money has precipitated an influx of new investments and supportive regulatory changes that are redefining Africa’s payment landscape.

With 91% of Africans expressing clear preference for digital payment, the ‘African Digital Payment Systems and Consumers’ Experience in 2023’ report underscores the transformative potential of fintech innovation in driving financial inclusion and economic empowerment across the continent.