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Payments developments in Africa

Payments developments in Africa

Africa’s payments landscape is becoming more integrated, with deliberate and concentrated efforts towards modernisation of various payment infrastructures.

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Bisi Lamikanra

Partner & Head, Advisory Services

KPMG in Nigeria

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Payments developments in Africa

At the same time, the integration of national payments infrastructure into regional payments systems is setting the foundation for continental-wide payment integration. Africa’s payment system continues to rapidly evolve.

In this report, the third in our ongoing series, KPMG’s Africa banking leaders offer a broad perspective on payments developments in Africa. Our focus is on helping to guide and position private and public organisations as they make their next strategic leap by harnessing the opportunities now emerging across the continent.

In our previous editions, we examined a number of key payment markets in Africa, highlighting key challenges and opportunities. We also took time to explore how Africa’s financial services disruptors and Fintechs are redefining the competitive landscape – driving digitisation, promoting financial inclusion and creating new markets.

In this edition, we continue our overview of key markets with a profile of Botswana and Uganda, two markets that – while at varying levels of payments maturity – are investing in scaling their electronic payments infrastructure. This report shines a spotlight on the Southern Africa Development Community (SADC) regional payments landscape, highlighting key milestones, legal and regulatory frameworks and governance structures. It also offers valuable insights and regulatory updates for markets covered in our previous editions – South Africa, Nigeria, Kenya, Ghana and the WAEMU.

Continuing our focus on digitization, innovation and transformation in Africa’s payments landscape, this edition starts to take a deeper look into how emerging digital technologies are revolutionising payments in Africa. With the adoption of digital channels increasing across the continent, we also offer important considerations for managing some of the emerging cyber security threats.

Click to download and gain more insights and findings in this report.

© 2020 KPMG Professional Services, a partnership registered in Nigeria and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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