Best mobile payment solutions for Africa
For many years, Africa has been considered one of the least technologically developed continents in the world.
Surprisingly, even today, about 60% of Africans do not have access to basic banking services. What to say about mobile payments Africa.
Some may see this as a serious problem, but most technology companies see solid potential in it. After all, if ewallets in Africa or the payment system is still not so developed, it is always possible to change this with all the necessary resources at your disposal.
In addition, if you start your own business in Africa from the beginning, the company has the opportunity to avoid the most common mistakes, which led to the collapse of very well-known companies that made these mistakes in developed markets.
It is already obvious today that the provision of financial services, in particular the creation of payment providers South Africa, is simply vital.
Why is this market very promising?
Financial service providers should already consider Africa as a very promising market if they have not done so far. There are several reasons:
- Favorable demographic factors. While the average age in Asia and Europe is rising, there are more than a billion people under 24 in Africa. Most of them are likely to be interested in financial services.
- Only Asia boasts a larger population than Africa.
- Before the pandemic hit the world, Africa had the highest rate of economic growth.
- Of the 30 fastest growing cities in the world, 21 are on the African continent.
- There are positive examples of doing business in Africa. The idea that doing business in Africa, especially mobile payments, is very risky is not worth thinking about. Even 13 years ago, the company Mpesa offered residents of Kenya a unique service for mobile payments via SMS. Today more than 200 million Africans successfully use the service. But most importantly, the people of Africa have shown that they are ready to welcome innovation and actively use cashless financial instruments.
How to succeed in the African market?
To succeed in any market, you need not only a serious stock of knowledge, but also the most important experience. When it comes to the African market, the need for these two factors is doubled.
Of course, you can make a huge number of mistakes yourself and pay a serious price for them, but there is a more affordable option. We’re talking about white-label solutions for mobile wallets. Create your own digital bank on their basis, providing guaranteed access to a banking system with all the essential features that will allow you to offer potential clients the products and services they need most.
This way of doing business has many more advantages than disadvantages. In particular, your platform will be available for easy and quick setup, will be characterized by a high level of security and scalability.
But you will not be the first company to offer such a service to the people of Africa.
Popular Mobile Solution Providers in Africa
Velmie
Employees of the company know exactly what services their clients need, what features on mobile wallet platforms are the most demanded, how systems are integrated. In addition, this is not all the knowledge of the African market that Velmie can boast of.
The company has already developed a broad line of products aimed at meeting the needs of Africans. Microfinance, peer-to-peer lending, buying and selling cryptocurrency, digital banks and more.
Software group
This firm has all the expertise needed to address key digitalization, integration solutions for financial companies.
Today, the company is actively developing innovative technologies which tomorrow will be used in Africa and other similar continents to access financial services.
Thanks to the solutions developed by the company, African residents have access to a large list of digital payments, which they can conduct within a single wallet.
Coruscate
This firm has developed a dedicated platform called Alexpay. This platform allows residents of Ghana, as well as other cities in Africa, to simply, quickly and inexpensively transfer money to other cell phones, even where there is no internet.
