Across Africa, all banking and payment channels are showing positive growth – from ATM usage through to mobile wallets. The key challenge for banks is to equip themselves so that they can provide a range of channel options and meet consumer demand.
A quick snapshot of banking and payment trends in Africa offers encouraging news for banks on the continent and opportunities for growth. Thanks to Africa’s diverse population – and with that a wide range of banking and payment needs – all means of payments have their place on the continent, including ATMs, point of sale, cards, digital wallets and mobile money. And across the board volumes are increasing.
Facts and figures
Africa has always been the global leader in mobile money uptake, and this has been further spurred on by the COVID-19 crisis. In 2020, the number of mobile money accounts in Africa passed the half a billion mark, and Africa alone accounted for more than 64% of the value of global mobile money transactions, totalling $767 billion. Looking to the future, there is no sign of this growth slowing.
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Last updated: January 28, 2025
