Africa is benefiting from the evolution of igaming payment.
Africa’s quest for cashless economy gains massive momentum over the last decade, with a host of African countries are doing every means to promote cashless economy in its territory, has cashless economy will further bring transparency to governments transactions, reduce corruption in the continent which has been the bedrock of African struggles over the last two decades.
These as limited the African growth to achieve its full potentials of becoming the leader in its own right, although, with digital channels (digital wallets, cryptocurrencies, mobile money service and other online payments methods are increasingly adopted in the Igaming markets. With a host of investors that have tapped into Africa lack of insufficient financial inclusion, unbanked masses and financial literacy have increasingly seen online, and mobile money channels take center stage in Africa.
Although, these set of unbanked masses in which the majority of them now use mobile money services, and online channels. According to Geopoll, the service is becoming more popular particularly in the Eastern part of Africa in which out of the 300 million registered mobile money service account in Africa about half of are found in the Eastern part of the region. And while the majority of the masses which use these services are explicitly using it for “gambling” activities. According to a mobile payment solution company, Safaricom Company owned by M-Pesa says 25% of its customers use the service by bettors in the region.
Indeed, the cashless gaming is gaining ground in Africa, and operators are having new challenges to overcome the combine local optimization and further markets expansion with a fast and secure remote payment strategy. Some recent reports are showing current international trends in terms of money circulation via the internet. Wordplay revealed that, globally, e-commerce is expected to surpass US$4.6 trillion globally by 2022, with 140 online payments method in use today. Both online and mobile channels will account for 68 per-cent of transaction volume in 2024; up from 63 per-cent in 2019. According to new study Digital International Money Transfer Key Trends, Player Innovation & Market Forecasts 2019-2024; from Juniper Research has found that global international digital money transfer transaction volume will reach 2billion by 2024 and Africa will account for 15% of the total volume, up from 1.1 billion in 2019.
The study founded that this dominance is primarily due to the superior app-based experience available on mobile, rising interoperability of mobile money solutions and highly competitive pricing from app-based disruptors and affordable mobile phone in the continent.
Article by Adeleye Awakan
Associate/Editor www.gbc.ng Africa’s digital gaming news portal. For consultant, Africa gambling space, Bookmaker’s review, Content, thoughtful leadership article Africa gambling industry: feel free to reach me [email protected], Linkedin Adeleye Awakan.