Wirecard which is one of the world’s fastest growing digital platforms in the financial commerce sector has revealed its vigorous agenda to expand its business to East and West Africa. It is currently focusing on growth in Southern African Development Community (SADC) countries. It acquired MyGate last year, a South African fintech firm that enables merchants across Africa to accept a wide range of different e-commerce payment options, particularly online card payments, thereby helping them to serve millions of African consumers.
According to the company’s Executive Director Peter Stenslunde, “We expect to make further acquisitions in South Africa, as well as eastern Africa and western Africa in the next six to 12 months.” “For the last decade, the ability to pay online, north of South Africa, has been difficult for a number of reasons – but it’s rapidly improving and that creates significant opportunities,” “As the newly-banked population becomes connected to mobile payments, it’ll be much easier for them to participate in global trade, either as consumers or businesses.”
Online and mobile payments are one of the innovations changing Africa with improved internet access, advanced financial systems and widespread mobile penetration. Although this new fintech comes with its own risks and challenges, e-commerce, mobile wallet technology, mobile money and online card payments are high-growth industries in Africa. New fintech solutions could emerge from the travel and mobility sector, as well as digital and consumer goods in Africa. Mobile wallet technology developed in Africa surpasses other parts of the world to a great length. A current World Economic Forum report on Global Trade showed that in sub-Saharan Africa, 12 percent of adults (64 million adults) have mobile money accounts (compared to just 2 percent worldwide), and 45 percent of them only have a mobile money account.
Olatorera Consultancy Limited provides business development services to high net-worth individuals and companies looking to grow, enter or do business in Africa.