Fintech companies in Africa expand digital payment services

The fintech landscape in Africa is undergoing a strategic shift as companies move from simple customer acquisition to increasing the frequency of daily digital transactions.

In South Africa, digital banks, mobile operators, and money transfer specialists are competing to become the primary interface for consumer spending. While card payments reached 2.7 trillion rands in 2024, cash still accounts for 56% of transaction volumes according to the South African Reserve Bank. To combat this, Bank Zero is utilizing a ‘banking as a service’ model, reaching approximately 775,000 users through direct accounts and partnerships. Meanwhile, MTN Group Fintech aims to convert its massive mobile subscriber base into regular financial users for savings, credit, and payments.

In Algeria, the startup SlickPay is working to simplify digital transactions through mobile payments, digital wallets, and bill management. The platform provides businesses with tools for online payments and invoicing via APIs, while offering consumers security features such as biometric authentication and QR code payments.