Digital-payment revenue in sub-Saharan Africa expected to soar
Monday, April 7, 2014
Electronic-payments revenue in sub-Saharan Africa (SSA) could reach up to $16 billion annually in the next few years if the growth of mobile payments in Kenya is repeated across the continent, according to a recent study by McKinsey and the Gates Foundation.
Although the prediction is undoubtedly on the optimistic side, it illustrates the potential of digital payments in emerging markets.
The study assessed formal and informal payment channels in 44 nations in SSA, making projections based on three possible scenarios.