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Africa is on the move – 6 of the 10 fastest-growing economies in the world are in Africa
With 50% of the population under 34 years old, providing banking and payment solutions is one of the biggest opportunities.
Central banks are huge drivers of the deployment of electronic acquiring devices and are looking for ways to incentivise the adoption of electronic payments. This, in an effort to move away from more expensive and high risk cash payments. The African payment opportunity is significant. And it is being driven by both bank and non-bank players.
The future of payments is now. Banks, retailers and merchants alike are rapidly adapting to the new payments landscape.
“The African eCommerce market is expected to be worth US$50 billion by 2018, compared to US$8 billion in 2013, providing a significant opportunity for entrepreneurs and investors.” -Africa Powers of Retailing report, Deloitte
Some markets like Nigeria, South Africa and Kenya are fast-growing markets in terms of e-commerce.
In South Africa alone, it has been reported that the total e-commerce spend by consumers is growing annually by almost 30%. By contrast, Western European markets are only growing by around 10% year on year.
Africa is open for business!
Bringing together entrepreneurs and innovators from across the entire ecommerce value chain. From storefront creation to digital marketing, and from payment to fulfilment and delivery.
Africa’s economic performance has shown significant improvement over the last decade.
These gains are also evident when considering household consumption spending growth. It has been reported that annual household spending growth in Africa is easily exceeding the corresponding global figure over a similar period.
Also, the continent’s rising middle class is a massive contributing factor to the modernisation of retailing and greater consumer market opportunities. This bodes very well for the African retail sector.
The connected shopper is changing the face of retail. Seamless retail will enable African retailers to adapt, grow and thrive in this new world of connected commerce.