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African fintech and digital payment sector growth

Updated 2 times since CLSTR started tracking revisions of this situation.

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2026-10-16 13:28 UTC → 2026-10-25 21:42 UTC · added removed

The African fintech and digital payment landscape is experiencing growth expanding through significant capital investment and investment, infrastructure expansion. growth, and deeper system integration. In late September 2026, several startups secured funding to scale operations. Egyptian payments provider Paymob raised $35 million to expand digital payment services for SMEs across the MENA region. In the mobility sector, Spiro secured $18 million in additional debt debt, bringing its total commitment to $36 million, to support electric motorcycle deployments and battery-swapping infrastructure in Uganda and Rwanda. Additionally, the Egyptian startup Bekia raised $765,000 to expand its digitized waste collection platform. By October 2026, advancements in payment technology and infrastructure were reported in Kenya and Algeria. In Kenya, Safaricom and Pesapal introduced new M-PESA features, including QR code scanning and NFC-compatible Tap-to-Pay functionality. Safaricom is also integrating ‘AI Pay’ into its My OneApp to allow users to populate payment information directly from receipts. In Nigeria, Glovo partnered with Verve International to promote cashless payments through discounts and rewards for users of the Verve digital payment service. Algeria reported significant growth in electronic payment infrastructure. By August 2026, payment cards in circulation reached approximately 23 million, with Algérie Poste holding 19 million Edahabia cards. Electronic payment terminals increased from 78,000 in late 2025 to 126,000 by August 2026, contributing to a 165% increase in transaction volume. Additionally, the The Algerian startup SlickPay is also working to simplify transactions through mobile payments, digital wallets, and API-based invoicing tools. In South Africa, the sector is shifting toward increasing the frequency of daily digital transactions. While cash accounted for 56% of transaction volumes in 2024, companies like Bank Zero are utilizing a ‘banking as a service’ model to reach approximately 775,000 users, while MTN Group Fintech aims to convert its mobile subscriber base into regular users for savings, credit, and payments.

Versions

  1. 2026-10-25 21:42 UTC African fintech and digital payment sector growth
  2. 2026-10-16 13:28 UTC African fintech and digital payment sector growth
  3. 2026-10-02 07:50 UTC African fintech and digital payment sector growth

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