Africa’s digital payment landscape is undergoing a rapid transformation, driven by the increasing demand for efficient, secure, and accessible transaction methods.
Consumers and businesses alike are embracing these solutions, leading to significant growth in the sector and unlocking vast opportunities across the continent.
“Policies such as the CBN’s cashless initiative are propelling the adoption of digital payments, and reshaping the financial landscape in Nigeria and beyond.”
A major attraction for businesses is Africa’s rapid adoption of digital payments, one of the fastest in the world, according to Google. The continent also boasts the quickest growth in mobile penetration, with 44 percent of the population owning a mobile device in 2018, and unique mobile subscribers projected to reach 634 million by 2025.
By 2019, Google revealed that mobile payments in Africa had already become a $456 billion market, with 469 million user accounts.
“In sub-Saharan Africa, more than 60 percent of adults have a mobile money account, presenting significant potential for growth in countries considered mobile money ‘sleeping giants,’ such as Nigeria, Ethiopia, and Egypt.”
In July 2024 alone, Nigerians processed transactions worth N89.5 trillion via electronic channels, according to data from the Nigeria Inter-Bank Settlement Systems (NIBSS).
This reflects a staggering 89 percent increase from the N47.4 trillion recorded in the same period last year. At the core of this evolution is the Central Bank of Nigeria’s National Financial Inclusion Strategy (NFIS), which aims to achieve a 95 percent financial inclusion rate by 2024.
Policies such as the CBN’s cashless initiative are propelling the adoption of digital payments and reshaping the financial landscape in Nigeria and beyond.
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, is playing a pivotal role in this shift through its TechConnect platform. Designed to foster collaboration and knowledge-sharing among industry stakeholders, TechConnect serves as a forum where the future of payments is shaped through innovation and strategic dialogue.
Since its inception, TechConnect has brought together key players in the payments industry, including banking and financial technology experts, to address the pressing challenges in the financial ecosystem and payment sector.
These events, hosted in major cities such as Ibadan, Port Harcourt, Enugu, Abuja, and Lagos, offer a space for thought leadership and practical solutions to enhance financial services and boost customer experience.
Previous editions have introduced participants to cutting-edge technologies and innovative solutions, helping businesses build more sustainable operations and improve customer satisfaction. The platform has also catalysed collaboration, creating partnerships that drive mutual growth and profitability across the financial ecosystem.
Building on the success of previous editions, Interswitch held its TechConnect 4.0. Kicking off in Enugu on October 17, 2024, followed by Asaba on October 24, Abuja on October 31, Ibadan on November 7, and culminating with a grand finale in Lagos on November 14, 2024.
Commenting on the series, Akeem Lawal, Managing Director, Payment Processing and Switching, Interswitch Purepay, shared:
“At Interswitch, we recognise the immense potential of digital payments to drive economic growth and promote financial inclusion across Africa. The TechConnect series was designed to bring together key players in the industry to collaborate, share insights, and address the challenges that come with evolving payment technologies.
“By promoting innovation and partnerships, we aim to enhance customer experiences and create sustainable solutions that empower businesses and individuals alike. This year, the goal was to build a robust financial landscape that not only met the needs of today but also anticipated the demands of tomorrow,” he added.
This year’s edition, themed “Unlocking Opportunities Through Technology and Innovation,” highlighted the importance of leveraging cutting-edge technology to drive financial inclusion, enhance customer experiences, and foster collaboration among industry stakeholders to build a more resilient and dynamic payment ecosystem across Africa.
Interswitch reiterated its commitment to enabling businesses and financial institutions to navigate the challenges of the digital economy, providing the infrastructure and solutions needed to thrive in a rapidly evolving landscape. “The future of Africa’s economy is deeply intertwined with the advancement of digital payments, and Interswitch’s TechConnect platform is at the forefront of this progress.”
