Online Payment Solutions and Means in Africa

Online Payments in Africa

According to the World Bank, economic growth in African countries will not be possible without increased access for the entire population, including the poorest, to financial services. The new inclusive online payment solutions are therefore essential levers.

The volume of online payments in Africa grew at an annual rate of 13% between 2014 and 2016, according to a McKinsey report . This figure represents an exciting opportunity for the African fintech industry. It is an opportunity that  online payment aggregators in Africa  are exploiting to enable thousands of people to access financial services.

The saddest thing, however, is the fact that very little is known about online payment solutions in Africa . About the incredible work they are doing to make  online payments easier  for Africans.

In case you are wondering what online payment solutions are!

Online  payments solutions  are the glue that helps many parts of the digital financial services ecosystem work together. They facilitate payments between merchant and consumers through different online payment methods such as bank transfers and credit or debit cards.

Difficulties in online payment methods in Africa

The inability to accept online payments for products and services on an equal footing with the rest of the world means that many viable business options are not available to those in Africa providing services. The few options that exist for receiving international online payments in Africa require doing a number of acrobatics.

If you are thinking of traditional solutions such as Stripe or Paypal Business, you must either

• Have a base in a country outside of Africa
• Have a relative abroad who takes care of creating the necessary accounts
• Use circumvention techniques that are not always very reliable in the long term

What are the online payment solutions in Africa?

Here is the list of the best online payment solutions in Africa that we were able to establish after our research on the market

1. Paystack
2. Payoneer
3. CinetPay
4. DPO Think payments
5. FedaPay
6. Kkiapay
7. Afrikpay
8. PayDunya
9. eNkap

Detailed presentation of Online Payment Solutions in Africa

Payoneer

Payoneer  presents itself as an online payment specialist. The company provides international transfers and can issue Mastercard withdrawal cards to its users. It was in 2005 that Yuval Tal and a few private investors started the adventure in New York. It is obviously a completely legal company, which has all the licenses guaranteeing the reliability and security of transactions carried out via the site.

DPO Think payments

DPO Thinks payment  is a very secure, reliable and easy to use payment solution. It allows you to receive payments by credit card and mobile money in Africa. In addition, this payment processor is available in 46 African countries (Cameroon, Nigeria, Togo, Seychelles, Mali…). It integrates with Woocommerce, Magento, and Shopiphy. However, mobile money payments are only available for 5 countries, including Ghana, Kenya, Tanzania, Uganda, and Rwanda.

Paystack

Paystack is basically a payment gateway designed to facilitate e-commerce in Nigeria. At the moment, it only supports Nigeria-based online stores and continues to help them receive and process payments online through numerous channels.

FedaPay

FedaPay  is a payment processor from Benin and designed for all of Africa. You can receive payments by Visa or Mastercard and also from your customers, Mobile money is also available, but only for 4 countries in Africa (Benin, Togo, Ivory Coast, Senegal). Fedapay is available in a few clicks with Woocommerce and other solutions like Feda Direct, Feda commerce, etc.

Kkiapay

KkiaPay

Still from Benin,  Kkiapay  is a secure, simple and uncluttered payment solution.
It offers a very pleasant user experience for e-merchants and buyers. The design and responsiveness of their interface are superb.

Kkiapay integrates with Woocommerce, Prestashop, Give, Flutter and many other e-commerce platforms.

This solution allows you to receive payments by credit card (Visa, Mastercard and American Express) and also by Mobile Money (only for Benin).

Afrikpay

Afrikpay

Afrikpay  is a payment aggregator made in Cameroon. It provides several services, including a payment solution for e-commerce in Africa. With Afrikpay, you can receive payments by bank cards and mobile money (Cameroon only). Afrikpay integrates with several e-commerce platforms, it requires some coding. However it has a WordPress plugin for woommerce.

PayDunya

Paydunya

It is to Senegal that we owe this payment solution.

Thanks to  PayDunya  you will be able to receive payments from Visa and Mastercard bank cards in a secure way. In addition, you also have the option of receiving Mobile Money payment in 3 countries (Senegal, Ivory Coast, and Benin).

PayDunya does not yet have a plugin that makes it easy to integrate into e-commerce platforms like Woocommerce, Magento and others. Nevertheless it integrates easily with a bit of code.

eNkap

eNkap

eNkap  is a Cameroonian payment solution that allows you to sell and buy online.

The integration of eNkap is done by an API, your e-commerce site will be able to receive payments by bank and local card (Orange Money, MTN Mobile Money, Smobilpay, Visa and Mastercard).

CinetPay

CinetPay

CinetPay  is a payment solution from the country of Didier Drogba, Côte d’Ivoire. This payment solution offers the possibility of receiving payments by credit card (Visa and Mastercard) and local payments in 8 African countries (Côte d’Ivoire, DRC, Cameroon, Mali, Senegal, Togo, Guinea, Burkina Faso). CinetPay easily integrates with Woocommerce, Prestashop, Moodle, Magento and WHMOS thanks to a plugin.

In conclusion

e-commerce is booming in Africa and the payment solutions available already cover the minimum needs to get started. However, there is still a lot of work to do, as mobile money payments are restricted for each country. Indeed, the development of online payment solutions is essentially hampered by economic and monetary restrictions between African countries.

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