Africa is considered the continent with the highest growth rates and opportunities for many online merchant industries, yet it remains one of the least understood regions. Nikulipe’s ‘Payments and E-commerce in Africa 2024’ report serves as a guide for payment service providers (PSPs) and international merchants seeking to better understand today’s African landscape and the opportunity the continent has to offer now and in the future.
Today, Africa has over 1.4 billion people, and by the end of 2025, nearly half the population will have engaged in buying goods and services online, compared to just 13% in 2017. The continent's young and growing population – 70% of Sub-Saharans are younger than 30 – and increased internet and smartphone adoption are driving a transformative period in African ecommerce.
Africa is showing the fastest growth rates for many online merchant industries. Some examples are:
The mobile and video gaming industry, with global revenues nearing USD 350 billion in 2023, is accelerating rapidly in Africa (8.2% YoY), more than 2.5x the growth rates in mature regions like Europe or North America.
Africa’s travel industry is digitalising swiftly, with 75% of travel revenue expected from online channels by 2028, up from just 46% in 2017.
With its tech-savvy, world’s youngest, and quickly increasing population (median age of 19.7 years), Africa became one of the fastest-growing regions for many other digital goods and services industries, such as video and music streaming, e-books, and software, for instance.
Apart from digital goods, online retail, once dominated by local players like Jumia, is now being disrupted by international giants like AliExpress, Shein, and Temu, which are successfully entering African markets to meet the rising demand for global products. Their success has already paved the way for many European and US merchants, who are now following suit.
Nikulipe’s report provides in-depth insights into the diverse payment trends across various regions, which businesses can leverage to localise their offer effectively. The report maps out payment preferences across key markets and offers a quick overview with relevant data on each part of the continent that can be used for comparison. Such insights help define winning payment strategies in relevant markets, resulting in high conversion rates and revenue growth.
The ‘Payments and E-commerce in Africa 2024’ report is not just a collection of statistics but a detailed guide on today’s landscape in Africa. International merchants and PSPs can use the report to easily understand the opportunity by looking at macro, regional, country, and industry levels. Actionable insights are provided to drive strategic initiatives.
Access the ‘Payments and E-commerce in Africa 2024’ report to position your business at the forefront of the digital revolution in Africa. Use detailed insights and forward-looking analysis to boost your payment solutions, meet evolving customer needs, and lead the charge in the new era of digital commerce.
Click here to download the full report.
Nikulipe (Swahili for ‘I pay you’) is a fintech company that helps payment service providers and global merchants access fast-growing and emerging markets via local payment methods. Established in 2019, Nikulipe was founded by serial entrepreneurs and unicorn founders with vast experience in the fintech industry – and direct expertise in payment industry technology and business development. Learn more about Nikulipe by visiting nikulipe.com.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now