The payments landscape in Africa is changing quickly. A continent of 54 countries and more than 1.5 billion people, GDP is projected to reach almost 4 trillion USD by the end of 2026. With a large proportion of its population aged under 30, opportunities abound for digital payments innovation.
But it's a highly diverse region with many challenges for governments, businesses and financial institutions. Infrastructure can be patchy and unreliable, and a significant number of Africans are unbanked or under-banked. More than 120 million people in the continent face food insecurity and 80% live in countries experiencing conflict.
However, mobile phone ownership is high, many governments in the region are pushing to facilitate greater financial inclusion, and there are a number of innovative companies making headway with new financial products and services. While cross-border payments can be subject to high fees and long waits, and cash is still far and away the dominant payment method, Africa has become a hotbed for mobile money services, pioneered by M-PESA.
One of the biggest problems for the African economy is the payouts process. In places where infrastructure is basic and access to financial services is limited, disbursement of funds is complex for organisations such as governments, insurance companies and agricultural collectives that need to make payouts.
Heavy reliance on cash for payouts leaves these organisations vulnerable to theft, loss and fraud. Financial crime is a huge problem for the continent, with estimates that illegal money flows account for some 90 billion USD annually. Finding a way to distribute funds that is convenient for recipients, offers protection against fraud, and is efficient for the organisation itself is key.
Paymentology has partnered with a number of institutions in Africa to help them address their clients’ payment and payout issues. Panelys works with farmers and agribusinesses in West Africa to help them take control of their money on their terms.
In partnership with Paymentology, Panelys launched Push, the first prepaid Visa card in the region that can be topped up using any mobile money account. Secure, simple and built for the realities of rural life, Push by Panelys lets farmers top up their prepaid Visa card using mobile money, make payments, and check balances from a basic mobile phone, even without data.
In partnership with Paymentology, Diamond Trust Bank (DTB) is transforming how businesses in East Africa access financial services. DTB empowers businesses, whether licensed or unlicensed, to issue cards for payroll, travel, and other key use cases.
By offering end-to-end card issuance, DTB provides businesses with both physical and virtual cards, all designed with advanced security features. The platform also incorporates cutting-edge technologies like tokenization and 3DSecure, ensuring that every transaction is safe and seamless.
If you want to find out more about how Paymentology can help your institution provide financial services that are accessible, practical and built for long-term resilience, get in touch today.