Evolving Payment Landscapes in Africa

 The efficiency of domestic and international payments in Africa was worse than it had been in prior years. When it comes to remittances and foreign payments, both individuals and businesses in Africa have encountered numerous barriers.

  • Due to the lack of access to digital financial services a few decades ago, people had to deal with large amounts of currency transfers.
  • The amount of clients banks could serve each working day was constrained by the number of offices they possessed.
  • Since the majority of Africans at the time lacked access to a cell phone, mobile payments were still only a pipe dream.

But thanks to the global e-commerce boom, the cashless policy, and the technology growth, everything has changed. Today's payments are more frictionless and straightforward than ever before. There are a tonne of alternatives when it comes to payments, ranging from online banking to cross-border payment options and even down to digital payment platforms.


With that said, let's examine how payment has changed in Africa and some of the most cutting-edge payment environments that are currently accessible.



Traditional Payment Methods in Africa

When it comes to making payments in Africa, there are a few old-school methods that are still popular even in the age of technology. They include:

The Barter System

Cash Payments

Traditional Banks


The Rise of Fintech and Online Payments in Africa


"The future is digital," as they say in Africa. And the payments industry makes this particularly clear.


Africa has experienced a boom in the number of online and mobile payment platforms in recent years, driven by the quick development of fintech, or financial technology. The Partech 2021 report states that tech funding in Africa increased more quickly than in any other region of the world in 2021, reaching a total of $5.2 billion. The industry drew more financing and investors than any other IT industry on the continent.


The fact that traditional banking infrastructure had not yet reached many regions of the continent contributed to the fintech explosion in Africa.


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Transfer money through a secure and trusted system within Africa. Send Money In Minutes. 24/7 hour of service available. Online Money Transfer Africa. Transfy is a Fintech startup on a mission to connect individuals and businesses across Africa financially. This is by building a financial infrastructure which enables them to seamlessly and securely send money within Africa and out of Africa at rates that are highly competitive.

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