Emerging trends such as mobile payments, digital banking, social media, entrance of new and unconventional players and business models, growing regulatory interest and increasing effi ciencies in settlement mechanisms are impacting the payments sector around the world. The emerging payment trends are creating both opportunities and challenges for industry players and regulators alike.

Some of the biggest challenges that face development of electronic payments in Africa today include fi nancial inclusion, infrastructure development (specifically sustainable electricity power and telecommunication), low literacy levels, security etc. These challenges present a real and tangible opportunity for the African continent to continue to develop secure, convenient, efficient payment instruments and channels to drive adoption and inclusion.

In this payments study, we have profiled the payments systems and developments in three of our key markets in Africa – Kenya, Nigeria and South Africa. We have also explored payment developments in Brazil as comparative study given the similarities in demographics and fi nancial inclusion.