Tech in Africa
IFC, a member of the World Bank Group and the IFC Financial Institutions Growth Fund will increase its access to digital payment solutions for SMEs spread out across several African countries through its investment in SA-based fintech Adumo.
IFC Investments will support Adumo in making digital payments more affordable and accessible to small businesses that are mostly cash reliant. Adumo is present in 13 African countries and boasts a strong presence in Africa’s most industrialized economy South Africa – where it is the predominant independent payments provider. Adumo group companies are; Innervation Pan African Payment Solutions, Humble, Innervation Rewards, iKhokha, and Sureswipe.
The CEO at Adumo, Paul Kent, described the impact of the pandemic on businesses as transformational to the payments industry. He pointed out how interest payments remained at an all-time high.
In South Africa, micro, small and medium-sized enterprises employ over half of the labor force, directly contributing to 34 percent of the nation’s GDP. Digital and mobile payment solutions help businesses increase their reach, increase customer retention, and fuel the transition away from cash-based transacting.
