NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Africa has emerged as a frontier for the new online consumer class, representing an estimated 10 million new consumers in 2024 and trailing only Asia as a region, according to the new annual Beyond Borders digital payments and commerce report by EBANX, a global fintech company that connects local payment methods from Africa, Latin America, and India to global digital commerce.

Rising markets in Africa, Asia, and Latin America are driving future consumption and represent 70% of the 109 million people worldwide who are entering the consumer class this year, per the World Data Lab. This increasingly new face of the global consumer will have major implications for the growth of digital commerce, payments, and the dominance of B2B payments.

Photo courtesy of Olumide Bamgbelu.