Are you looking for new markets in Africa?
There’s enormous growth potential for African e-commerce – by 2025, online purchases could account for 10% of retail sales in the continent’s largest economies, according to research from McKinsey.
This is no surprise when you consider how much people use the internet worldwide. The Mobile Money 2017 report by GSMA found that the number of people accessing the internet on mobile devices has doubled over the past 5 years to 3.6 billion, and will rise to 4.7 billion by 2020. That’s equivalent to 60% of the global population.
When you add these trends to the lack of effective bricks-and-mortar stores in Africa, mobile-friendly e-commerce becomes a key opportunity for retailers looking to expand and reach new customers.
And that’s where e-wallets come in – a way for you to reach 1 billion people in Africa who have mobile phones but don’t have bank accounts or credit cards.
5 Key Facts About Africa
In East Africa, we’re the fastest growing provider of mobile wallet solutions – basically, payment by mobile.
When you offer mobile payments, you suddenly have access to a whole world of information about consumer demographics, spending habits and interests.
In markets like East Africa where there’s no widespread banking infrastructure, there’s no way of credit scoring anybody. But a mobile phone account with a transaction history offers you the ability to give individuals credit based on their history and ability to pay, so you can expand your customer base sustainably.
With the right mobile payment technology, you can reach these valuable unbanked customers. Learn how our solutions make it easy for consumers to pay on the move securely, boosting your mobile conversion rates and opening up new markets and revenue streams.