If your current location is somewhere in Africa at the time of reading this article, the next purchase you make today will likely be paid for in cash.
Now I am no soothsayer but judging from what statistics show, there is a high chance that I am right.
In 2021, just about half of the population in Sub-Saharan Africa (SSA) used an electronic form of payment (i.e. a debit/credit card or a mobile wallet like Apple Pay). In contrast, that figure is as high as 96% for OECD member countries, according to the World Bank’s Global Findex Database.
Between 2014-2019, non-cash transactions worldwide grew by 13%, but when we look at how different regions contributed to that growth, we see that Africa is barely pulling its weight.