UK-based digital payment provider STICPAY has reported that e-wallet usage in African countries has increased by more that 250% amid adoption of electronic payment solutions. STICPAY has seen an increase of 255% of forex and domestic payment transactions across African countries in the first half of 2023, while the number of gaming transactions increased on average by 266%, compared to the first half of 2022.

Some countries are digitalising faster than others In Kenya, the total of number of transactions for domestic payments, forex, and gaming soared by more than 5000% - the most of any African nation. The increase supports a September 2022 VISA report that concluded Kenya now ranks first in the use of digital payments across Africa. Egypt and Nigeria were the fastest growing e-wallet gaming markets, with gaming transactions up more than 5000% (Egypt) and 1700% (Nigeria) respectively compared to H1 2022.

Data provided by Statista has highlighted how Africa’s online gaming market is set to grow at 8.6% annually by 2027, leading to a market valuation of USD 2.26 billion/GBP 1.78 billion by that year. One of the slowest growths registered in forex, domestic payment, and gaming transactions combined was in Zimbabwe, although transactions were still up 65% compared to H1 2022. STICPAY transactions were also registered in Cameroon, Democratic Republic of Congo, Djibouti, Gambia, Ghana, Liberia, Sierra Leone, and Tunisia for the first time.

Heading towards a cashless society The surge of STICPAY transactions across Africa is an indicator of the growing impact of e-wallets in developing nations. Many of these nations’ economies, including those across South-East Asia, have traditionally been reliant on cash, with a consideration proportion of their populations being unbanked and lacking access to retail financial services – an issue e-wallet providers such as STICPAY are working to solve by democratising access to finance through mobile technology. .