E-Business
Mastercard Study Predicts Massive Fintech Disruption in Africa
A new study by the Mastercard Economics Institute says the COVID-19 pandemic has presented Africa with massive growth opportunities for fintech companies, predicting the sector will, this year, play a catalytic role in boosting financial inclusion on the continent.
The study, Economy 2021, says with concerns over contracting COVID-19 from visiting bank branches and using hard currency, the need to bring the population into the digital economy through fintech solutions has become paramount.
Economy 2021 – a global outlook report providing detailed analysis of the economic impact of COVID-19, including permanent changes in digital consumer spending habits – says the pandemic is the biggest opportunity yet for fintech firms to provide banking solutions that solve financial inclusion challenges on the continent.
“We recognise the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond as they adapt to a new way of operating and evolved customer needs.
“This is why we have collaborated with Standard Bank, and Google to help small business owners move their operations online, accept digital payments and attract more customers,” says Suzanne Morel, country manager of Mastercard South Africa.
In addition, the study notes that as digital innovation improves and Internet access increases, digital payment solutions such as contactless, virtual card numbers and quick response codes offer more possibilities than ever before.
Among the key trends analysed by Mastercard in the study is the sharp shift to digital platform use, driven by changed consumer behaviour, mobility restrictions and the necessity to generate business revenues beyond brick-and-mortar locations.
Within the scope of accelerated digital transformation, the report also notes that continued digitalisation in the Middle East and Africa (MEA) is key to advancing financial inclusion.
According to the study, this is especially relevant in regions such as East Africa, where International Monetary Fund research found that even where financial inclusion through traditional banking services was declining, expanded access to digital tools and services increased financial inclusion.
“This trend is set to continue in 2021, especially in the more digitally-advanced economies such as Ghana, Kenya and Uganda,” says Mastercard.
Turning to e-commerce, the Economy 2021 report estimates a permanent stickiness factor of 20% to 30% in overall retail spending, a key consideration as businesses contemplate scaling up their digital transformation efforts.
This shift was also highlighted in a recent Mastercard e-commerce study, which revealed that 68% of South African consumers are shopping more online since the onset of the COVID-19 pandemic.
This trend, according to the study, appears to be here to stay, as 71% of respondents said they will continue to shop online post-COVID-19.
According to Economy 2021, as e-commerce rapidly becomes a way to pandemic-proof a business, adoption by older generations and added convenience and lower costs for consumers will contribute to the continued growth of digital demand in 2021.
“This growth of the digital economy represents a ‘coming of age’ for e-commerce, a turning point in bridging the digital divide. We are heading for a multi-speed global recovery that favours low-touch over high-touch,” says David Mann, chief economist for Asia and MEA at Mastercard.
“Small businesses and micro merchants are especially crucial to the region’s economies, and by enabling them to accept digital payments, we can connect more people and communities to financial freedom and eventual prosperity.”
Human Rights Writers Association of Nigeria (HURIWA) has opposed a bill seeking to compel major global social media companies to establish physical offices in Nigeria.
The rights advocacy group urged the National Assembly to discard the proposed legislation, warning that it could become a tool for censorship and undermine citizens’ constitutional right to freedom of expression, despite being presented as a measure to strengthen Nigeria’s digital economy and improve corporate accountability.
The position was contained in a presentation submitted yesterday by Emmanuel Onwubiko, national coordinator, HURIWA, to the chairman of the Senate Committee on ICT and Cyber Security.
The bill, sponsored by Senator Ned Munir Nwoko, has already passed second reading in the Senate and is before the committee for further legislative consideration.
HURIWA said it carefully reviewed the proposed legislation and concluded that compelling global technology companies to establish offices in Nigeria was unnecessary and potentially counterproductive.
The organisation argued that while the firms generate substantial revenue from Nigeria’s vast digital market, they already engage Nigerians through existing structures, including paying eligible content creators, working with local technology professionals and participating in legal proceedings whenever required.
According to the group, appointing local representatives where necessary would adequately address concerns about engagement with regulators and users without forcing the companies to maintain physical offices.
It also dismissed claims that mandatory country offices would significantly improve consumer complaint resolution, technology transfer or employment generation.
HURIWA maintained that the platforms already have effective feedback mechanisms for resolving users’ complaints and routinely appear before Nigerian courts through their representatives whenever litigation arises.
The group, however, said its greatest concern was the potential for the proposed law to be used as an instrument for restricting freedom of expression.
It argued that establishing local offices could expose global social media companies to pressure from government authorities to remove online content considered critical of those in power.
According to the rights group, the presence of social media companies in Nigeria could become an avenue for authorities to pressure them into abandoning internationally recognised digital rights standards in favour of politically motivated content moderation.
It recalled previous attempts to regulate social media in Nigeria that generated widespread concerns over possible restrictions on free speech, stressing that any legislation affecting the digital space must contain clear safeguards against abuse.
The organisation warned that the proposed law should never become “a backdoor mechanism for government surveillance, arbitrary content removal or political censorship.
Nigeria has emerged as one of Africa’s most regulated online gambling markets, even as illegal operators continue to dominate the continent, according to a new report by Gaming Compliance International (GCI).
The report, the first comprehensive assessment of online gambling across all 54 African countries, showed that Africa’s online gambling Gross Gaming Revenue (GGR) reached $23 billion in 2025.
However, only $5.2 billion (23 per cent) was generated by licensed operators, while $17.8 billion (77 per cent) remained in the unregulated market.
In West Africa, total online gambling revenue rose to $4.8 billion in 2025 from $4.3 billion in 2024. Of the 2025 figure, regulated operators accounted for $1.5 billion (31 per cent), while $3.3 billion (69 per cent) flowed to unlicensed platforms, highlighting the region’s persistent enforcement challenges.
Nigeria stood out as the region’s strongest performer, recording the lowest unregulated market share at 56 per cent, compared with the West African average of 69 per cent and the African average of 77 per cent.
The study also found that online gambling participation across Africa increased from 198 million people (13 per cent of the population) in 2024 to 215 million (14 per cent) in 2025.
Despite this growth, GCI estimated that illegal operators deprived African governments of about $3.55 billion in tax revenue in 2025. The number of unlicensed gambling platforms targeting African consumers also rose to 4,129, up from 3,644 in 2024.
Commenting on the findings, Matt Holt, chief executive officer, GCI, said the report provides regulators with the first continent-wide benchmark for strengthening oversight and consumer protection.
Ismail Vali, president, GCI, urged governments to develop competitive and well-regulated markets that encourage consumers to patronise licensed operators, boost public revenue and attract greater investment.
Online gambling in Nigeria is regulated by the Nation Lottery Regulatory Commission.
At the height of the Northern Hemisphere tourist season, demand for communications and mobile Internet services rises sharply. Kaspersky’s security experts have uncovered scams that target anyone purchasing mobile connections or SIM cards worldwide.
Fraudsters create counterfeit websites that look like the portals of major regional and international telecom providers to trick users into revealing their phone numbers, personal details or banking information.
Kaspersky is sharing several examples of these fake login pages that mimic legitimate telecom operator sites and giving recommendations on how not to be deceived.
In the first case, scammers exploit the brand name of an international telecommunications company operating services in Asia, Africa and Europe. Fake authentication pages encourage users to put in their phone number and credentials.
While the first example shows the different design, the second scam site closely mimics the original log in page, making it hard for users to tell the difference and spot a fake. Entering authentication or payment data on fraudulent web sites may result in money or data loss and become a reason for more frequent spam and fraudulent calls.
Another example is a scam page which poses as another international communications company, working in North Africa, the Middle East and Southeast Asia. In this scheme scammers encourage users to top up their mobile data/Internet plans by entering their personal information and bank cards details.
Kaspersky experts have also identified a scam when cyber criminals suggest users enter their personal data to check and pay a bill inquiry. Such scam schemes are usually aimed at gaining victims’ personal data for further fraud or account hacking and stealing money.
“Because of the active use of AI, scammers can now create fake pages with ever increasing accuracy and speed, targeting the most popular user interest areas. We constantly see scams revolving around sports events, music concerts, seasonal sales and holidays. Unfortunately, the telecoms industry is no exception.
To keep your data and money safe, be vigilant when purchasing mobile or Internet plans online. Using an eSIM – purchased through an official app – is one way to avoid fake telecom sites, as it eliminates the need to enter personal details on questionable web pages.
If you’re unsure about a site’s legitimacy, search for the brand name directly in a search engine and enable a security solution that blocks phishing links for you,” comments Tatyana Kulikova, cybersecurity expert at Kaspersky.
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