Grace Ashiru
Embedded finance is changing the payment landscape in Africa. The question now is: what will it take for embedded finance to truly scale across Africa?
The global embedded finance market is projected to surpass $228 billion by 2028, according to Juniper Research. As this sector evolves and consumer trust in the technology strengthens, embedded finance is set to become a substantial part of global financial services.
In Africa, this burgeoning trend holds significant potential for unlocking new economic opportunities. Being a less established market, Africa is not constrained by legacy payment systems, making it a fertile ground for payment innovation through embedded finance. This has the power to transform the continent’s payment landscape, stimulate innovation, and advance financial inclusion.
Africa’s adaptability to diverse technologies and its openness to agile services make it well-suited for this innovation. A large portion of the population conducts most of their banking via mobile phones, allowing embedded finance to integrate seamlessly into their financial routines. However, several factors will influence how successfully embedded finance can establish itself and thrive on the continent.
