McKinsey Projects $40bn Revenue, 152% Growth for Africa’s Electronic Payments Market by 2025
Analysts at McKinsey research have projected 152 percent growth in Africa’s electronic payments market by 2025.
The firm in a report estimated that while cash is still king in Africa, the e-payments market is likely to grow by more than $40 billion in revenues from domestic payments alone between 2020 and 2025, with about 188 billion in transaction volumes.
Key highlights of the research include: the compound annual growth rate (CAGR) of revenues for online payments which will likely exceed 30 per cent, possibly reaching about $13 billion in 2025, meaning revenues will more than quadruple between 2020 and 2025.
It added that cards and wallets could account for nearly 40 percent of revenues, respectively, with account-based payments accounting for less than 25 percent, “around half of future electronic-payments revenue will likely come from Egypt, Ghana, Kenya, Nigeria, and South Africa, with the fastest growth in Nigeria, at 35 percent per year.”
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