E-Business
How Platforms and Payments are Driving Commerce in Africa
Is cash still king? Perhaps, but the acceptance and use of digital channels across Africa are rapidly increasing, experiencing their highest adoption rate in history.
Currently, Africa is one of the fastest-growing consumer markets in the world. According to Economist Intelligence, the continent will be the world’s second-fastest-growing major region in 2024, just behind Asia.
In the last decade, e-commerce has experienced phenomenal growth rates worldwide, with e-commerce sales projected to grow to USD 7 trillion globally this year. Across Africa, the retail landscape is undergoing a significant shift as contactless payments and mobile money become widely integrated. Consumers in many African countries are increasingly embracing these methods for transactions.
This SeerBit whitepaper explores Sub-Saharan Africa (SSA), undoubtedly one of the smallest e-commerce regions in the world, but one with high growth potential.
The Rise of e-commerce in Africa
The COVID-19 pandemic has accelerated a major digital transformation across Africa, with the demand for digital payments experiencing a significant and sustained rise. The result? Digital payments have become an essential feature in the continent’s financial landscape.
One of the most significant developments in alternative payment methods in Africa continues to be the rise of mobile money. The phenomenal growth of mobile money can be attributed to three key factors: increased access to technology, challenges in accessing traditional financial services, and the pandemic-driven rise of contactless payments.
This is particularly true in Sub-Saharan Africa, where 144 mobile money providers are at the forefront of transforming consumer transactions. Notably, key players such as M-Pesa (by Safaricom), MoMo (by MTN) and Orange Money dominate the market share, as reported by Statista.
Notably, the region boasts 171 active mobile money service providers, indicating the expanding influence and acceptance of mobile money in the African financial landscape.
The secret to Africa’s pivot to greater e-commerce sales has also been faster growth in B2B sales, which layers online sales onto the existing network of informal retailers in the region, rather than supplanting them. B2B e-commerce platforms in Sub-Saharan Africa are thriving because they have overcome consumer trust and logistics issues by working with and tapping into the informal markets, rather than working around these sales channels. This has allowed the B2B platforms to provide goods into remote regions, well beyond urban areas.
Cross-border transactions have also played a key role in driving e-commerce. They make up more than half of all e-commerce transaction volumes in Sub-Saharan Africa. A portion of these cross-border volumes in SSA come from consumers accessing the rising domestic African e-commerce players across local borders, such as Jumia (Nigeria), Kilimall (Kenya), and Takealot (South Africa). Domestic e-commerce provision in Sub-Saharan Africa is only just beginning. Nevertheless, it presents an opportunity for Sub-Saharan Africa to develop its own big hitters in the market and enhance the continent’s connection to the rest of the world.
Challenges to e-commerce Growth in Africa
Uneven connection across the region
Sub-Saharan Africa is home to more than a billion people, a large proportion of whom live in low-income and lower-middle-income countries. This huge population is not uniformly connected to the internet and there is some evidence that not all users are utilising their connectivity to its full capacity.
High inflation subduing consumer spending
Rising inflation means that individuals have less discretionary income and tend to spend less money on splurges or “luxury” products. Price becomes the leading factor in decision-making for many consumers. Across Africa, this may also mean looking to brick-and-mortar retailers and informal markets which mainly trade in cash to secure goods at lower prices.
Functionality limits user adoption
According to The State of Instant and Inclusive Payment Systems In Africa – SIIPS 2022 report, functionality pain points erode trust.
The lack of inclusivity translates into sub-optimal usage. Consumer research in Kenya, Nigeria, Ghana, Tanzania, Zambia, the DRC and Egypt suggests that many end-users use digital payments only for limited use cases, such as sending and receiving money between friends and family. Consumer payments to merchants remain under-digitized: only 44 percent of individual respondents make P2B payments digitally.
The Role of Payment Platforms
Across Sub-Saharan Africa, a digital payment revolution is quietly unfolding. Fueled by the surge in mobile phones, the drive for financial inclusion, and the push for digital transformation, alternative payment methods are rapidly gaining much welcomed traction. Traditional banking infrastructure often struggles to reach the vast unbanked and underbanked populations, but these innovative solutions bridge the gap, offering financial services to a dramatically wider segment.
For example, according to the Global Findex Database (World Bank), in the region only three percent of the population has access to a credit card, while mobile phones have proliferated quickly, with a 75 percent penetration rate, making alternative payment methods a perfect match for the specific needs of Sub-Saharan Africa.
As Aida Diarra, senior vice-president and head of Visa in Sub-Saharan Africa puts it, “The fact that there are 261 million people today that do not have access to financial services – and combine the fact that there are less than two million businesses that accept digital payments – it creates an environment where innovation has to play a role to drive financial inclusion and commerce across the continent.”
Sub-Saharan Africa is now considered the global epicentre of mobile money, due to its 48 percent of global share of registered accounts. In 2022, this region had 763 million mobile money accounts, out of the 1.6 billion accounts worldwide. Furthermore, this trend has spiked with the high registration of new accounts in 2022, as the area was responsible for 59 percent of all new accounts registered globally.
Mobile money services have gained widespread adoption across the continent, with countries like Kenya and Ghana leading the way. In Kenya, for instance, mobile money platforms have revolutionised the way people transact, with transactions made via mobile wallets equivalent to a significant percentage of the country’s GDP. This success can be attributed to high mobile phone penetration, limited traditional banking infrastructure, and the affordability and convenience of mobile money services.
As the e-commerce sector becomes increasingly competitive, retail businesses need to adjust their approaches to include providing more value propositions for their main audience, localised e-commerce solutions and engaging more with a younger generation of consumers.
Conclusion
Sub-Saharan Africa’s payment landscape is undergoing a dynamic transformation, driven by innovation, alternative solutions and vibrant new market players. However, a critical gap remains. The infrastructure, regulations, and overall payment ecosystem haven’t fully matured to support the optimal development of payment services and remittance flows across the region.
Despite this, e-commerce in Africa is well underway. Estimates suggest about 264 e-commerce start-ups are operational across the continent, active in at least 23 countries. This indicates a significant potential to create new jobs – as many as three million by 2025. These jobs will be directly in online marketplaces, supporting services and spin-off economic activity.
Nigeria made its first direct investment to support technology-enabled startups, as it seeks to back a sector that has already grown commercial capital Lagos into a key tech hub for Africa, according to Bloomberg.
iDICE – as the government’s $618 million Investment in Digital and Creative Enterprises is known — is the anchor investor in a $75 million capital-raising exercise by Lagos-based Ventures Platform, said Ventures’ founding partner Kola Aina.
It staked an undisclosed amount alongside the International Finance Corp, the UK’s British International Investment, France’s Proparco and Standard Bank Group during a first funding round that closed at $64 million, Aina said.
Nigeria’s tech startups are a major draw for capital on the continent, and several have grown into so-called unicorns with valuations above $1 billion.
But there has been little direct government support until now.
iDICE will boost “the Nigerian technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises” said Olasupo Olusi, chief executive officer of Bank of Industry, which oversees the fund for the government.
Ventures Platform will serve as the technology equity investment partner, he said.
Co-financed by Bank of Industry, African Development Bank, the Agence Française de Développement and the Islamic Development Bank, iDICE aims to support Nigerians aged between 15 and 35 in “innovative, early-stage” tech startups, according to its website.
Startups struggle to raise capital and iDICE will give them “the kind of foundation that they need to grow,” said Ife Adebayo, fund’s national coordinator.
It will invest up to $137 million as equity and $110 million as debt in startups, mainly via other funds on the basis that whatever it puts in is matched at a minimum of one-to-one by the fund’s manager.
Private sector partners have pledged to raise another $217 million, said Adebayo.
We have been taught that economics is a force of nature, an invisible hand that giveth and, more recently, taketh away. We watch global indices, inflation charts, and the shrinking purchasing power of our currency with a sense of resigned inevitability. But what if a company decided to push back? What if, instead of merely responding to market forces, it created a counter-force?
That is the story of Konga Yakata, Nigeria’s boldest retail response to inflation. Far from being a shopping festival, Yakata has evolved into a nationwide economic intervention. In the face of rising prices and tightening wallets, Konga’s month-long sales event has emerged as a stabilizing force, helping households stretch their Naira further.
For years, the traditional 24-hour Black Friday rush has felt misaligned with Nigerian realities. A single day of discounts cannot solve month-long financial pressure. Yakata changes the model, transforming it into a 30-day strategic purchasing window. This isn’t a marketing gimmick; it is economic practicality. It gives families time to plan, prioritize, and purchase essentials without panic or strain.
Nigeria’s inflation has driven up the cost of food, housing, and household essentials. Konga Yakata provides relief. By offering genuine products at real and sustained discounts, the campaign helps families save, spend wisely, and maintain their quality of life.
Independent retail analytics show that households that shopped strategically during last year’s Yakata saved up to 35% on essential items: refrigerators, generators, laptops, and groceries. These are not luxuries; they are investments in stability and productivity, made possible by Konga’s pricing and flexible payment options.
Beyond savings, Yakata has reshaped consumer behaviour. It has taught shoppers to anticipate value, plan ahead, and expect quality without compromise. It has evolved into a trusted national tradition.
Industry data reinforces its scale. The 2024 edition generated over ₦12 billion in transaction value across electronics, fashion, appliances, and groceries, with small and medium sellers benefiting through Konga’s marketplaces.
In essence, Konga Yakata is not just a sales event, it is a market stimulus. It challenges the narrative of helplessness in the face of inflation by creating a commercial environment built on trust, affordability, and value. Through innovation, efficient logistics, and consumer-focused fintech, Konga has turned Yakata into a lever of national economic resilience.
As global prices rise and budgets tighten, Konga Yakata stands firm, not only as a celebration of shopping, but as a purposeful act of support for Nigerian households.
Indeed, Konga Yakata 2025 is more than Black Friday Reloaded, it is proof that innovation, empathy, and strategy can rewrite the rules of economics, one household at a time.
Dynamic link library (DLL) hijacking is a common technique in which attackers replace a library loaded by a legitimate process with a malicious one.
It is used by creators of mass-impact malware, like stealers and banking Trojans, as well as by APT (advanced persistent threat) and cybercrime groups behind targeted attacks. Kaspersky reports that DLL hijacking attacks have doubled in the past two years.
Kaspersky has observed this technique and its variations, like DLL sideloading, in targeted attacks on organisations in Russia, Africa, South Korea, as well as other countries and regions.
To further enhance its protection capabilities against this threat, Kaspersky SIEM has introduced a specialised AI-based subsystem that continuously analyses information about all loaded libraries.
The new feature has already proven effective, helping to detect an attack by the APT group ToddyCat. It enabled the threat to be identified and blocked at an early stage, preventing any impact on the targeted organisations. The model also uncovered attempts to infect potential victims with an infostealer and a malicious loader.
“We are seeing DLL hijacking attacks become more common, where a trusted program is tricked into loading a fake library instead of the real one. This gives attackers a way to secretly run their malicious code.
“This technique is difficult to detect, and this is where AI can help. Using advanced protection techniques empowered with AI is now essential to staying ahead of these evolving threats and keeping critical systems safe,” says Anna Pidzhakova, Data Scientist at Kaspersky’s AI Research Center.
Securelist has published two related articles: the first explains how a machine-learning model was developed to detect DLL hijacking attacks, while the second describes how this model was integrated into the Kaspersky SIEM platform. The updated Kaspersky SIEMnow features AI functionality for detecting signs of DLL hijacking attacks, improving detection efficiency.
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