fintech

The rise of the fintech industry is set to shape the future of payments in Africa

The future of payment systems is very bright. Speaking of the African continent, over the past few years, residents of this region have gained access to money transfers through e-wallets and other modern functions.
Mobile casino payment has become even more convenient

The future of payments in Africa

According to statistics, in 2020, electronic payments in the African region brought in around $24 billion, which is a considerable amount. Every year, online payments are growing in popularity and quality. For example, in 2017 there was an increase of 152% compared to previous years. Follow the news using special resources so as not to miss these useful news.

March 2023 saw new collaborations that will have a positive impact on the future of local residents. Popular company Visa has announced a partnership with Afri-Fi, which will help fintech companies in Africa. Through this collaboration, local businesses can use the internet to promote their services or products.

This startup will provide Wi-Fi access in public spaces, allowing many people to connect to the Internet. This is an important step in accelerating digital development in Africa, and so it is interesting to see what happens next.

Cryptocurrencies Thrive in Sub-Saharan Africa

are particularly widespread on the African continent

  • Lack of standard traditional banking services. Cryptocurrencies, which can be used without opening a card, come to the rescue. This is an ideal P2P tool that Africans can use both within their country and for transfers abroad.
  • Security against inflation. Cryptocurrencies make it possible to circumvent its influence, so most users begin to study its features and use tokens to make various types of payments.
  • Reduced costs for international transfers. Cryptocurrencies allow you to transfer funds to another country. At the same time, they guarantee anonymity, carry less currency risks and have low fees.
  • Reduced cost for international transfers. Cryptocurrencies allow you to transfer funds to another country. At the same time, they guarantee anonymity, carry lower exchange risks and have reduced fees.
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The start of the bear market in May accelerated the transition to cryptocurrencies and increased the number of small transfers. Africa really needs cryptocurrencies as they provide many useful opportunities.

Conclusion

It is in Africa that electronic wallets are developing most rapidly. However, in other financial aspects, this region is starting to progress, which is very important. Even though offline payments still occupy the top spot in Africa, online transfers continue to grow and increase their statistics. In the future, the country has a good chance of moving to online settlements, which are very convenient. Users don’t need to carry paper money, but keep everything on the card and pay easily without having to carry unnecessary items.

As for cryptocurrencies, they are also receiving considerable attention domestically. Users focus on popular exchanges, which enable commercial and peer-to-peer transactions. Kenya, according to the statistics of development of the financial sphere, also has a chance to make life easier at the time of payment. If you’re more impressed by numbers, check out the stats. Between July 2021 and June 2022 alone, the total volume of transactions carried out on the Internet amounted to $100.6 billion.