This collaboration aims to expand digital payment options and improve the payment ecosystem across Sub-Saharan Africa by connecting mobile money and card payments through the combined technology of both companies.
Through this agreement, Nsano will provide Visa and Mastercard processing including both issuing and acquiring services to financial institutions and merchants across the region. Its knowledge of the African payment landscape, integrated with AFS’s card processing and payment solutions, is set to create a system that offers accessibility and efficiency for electronic payment-enabled businesses across key markets in Sub-Saharan Africa.
Nsano aims to expand its offerings by integrating AFS’s card processing services into its existing mobile money infrastructure. It is also committed to expanding the scope of financial inclusion on the continent, resolve customer pain-points, and help financial institutions and merchants offer convenient card and mobile payment options to their customers.
AFS’s vision is to further expand into Africa, a region with potential for growth in digital payments, and deliver solutions that improve financial access and convenience for users.
Mobile money is a key driver for financial inclusion in Sub-Saharan Africa. In this region where less than 10% of the population has access to credit cards and only 33% have bank accounts. Today more than 560 million people in Africa pay via their phone and the number is predicted to reach 850 million by 2028.
Moreover, Africa is experiencing rapid growth in online shopping for goods and services due to the increase of African Internet users, which is expected to grow from 570 million at the end of 2022 to almost 900 million in 2028. By the end of 2025, nearly half the population of Africa will have engaged in buying goods and services online, compared to just 13% in 2017.
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