Mobile Money: The Payment Revolution in Africa

In 2024, sub-Saharan Africa has over 600 million active Mobile Money accounts. This technology, born in Kenya with M-Pesa in 2007, has revolutionized financial inclusion on the continent by enabling millions of unbanked people to access financial services.

Orange Money, MTN MoMo and Wave dominate the West African market, while M-Pesa remains the leader in East Africa. These services allow users to send money, pay bills, save and even take out microloans, all from a simple phone.

For e-merchants targeting Africa, accepting Mobile Money is not optional — it's essential. In many countries, 80% of online transactions are via Mobile Money, far ahead of bank cards.

The challenge for intercontinental marketplaces is unifying these African payment systems with European solutions (Stripe, SEPA). Conversion fees and settlement delays remain significant friction points.

Next-generation payment solutions offer unified APIs that aggregate all these providers into a single integration. Smart routing automatically directs each payment to the optimal provider based on country and currency.

The convergence between Mobile Money and traditional banking systems is accelerating. Initiatives like the African Union's Pan-African Payment and Settlement System (PAPSS) aim to streamline cross-border transactions. The goal: making intercontinental payments as simple as a local transfer.