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How Platforms and Payments are Driving Commerce in Africa

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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.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Firm Shares Insights into Ransomware Trends and Tactics @ International Anti-Ransomware Day-2026

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On International Anti-Ransomware Day, May 12, Kaspersky shares a report with an overview of ransomware trends that marked 2025 and insights into what the threat landscape holds in 2026.

According to Kaspersky Security Network, in 2025 Latin America had the highest share of organisations with ransomware attacks detected (8.13%), followed by the Asia-Pacific region (7.89%), Africa (7.62%), Middle East (7.27%), the Commonwealth of Independent States (CIS, 5.91%) and Europe (3.82%).

The report highlights the rise of “encryption-less” extortion attacks, the use of post-quantum cryptography by ransomware groups, and the persistent use of Telegram channels by cybercriminals to distribute compromised data sets and credentials.

Despite a slight decline in the overall share of organisations attacked by ransomware in 2025 compared to 2024, users remain at significant risk as attackers industrialise their operations, automate intrusion methods, and increasingly focus on stealing and leaking sensitive data rather than simply encrypting systems.

One of the trends in 2025 is the continued rise of endpoint detection and response (EDR) “killers” – tools specifically designed to disable endpoint security solutions before executing the malware itself. EDR killers have become a standard component of attacks, which means more deliberate and methodical intrusions.

Researchers also noted the emergence of ransomware families adopting post-quantum cryptography standards – this was predicted by Kaspersky previously. The development signals a concerning shift toward encryption methods that could resist future quantum computing decryption attempts.

The role of Initial Access Brokers (IABs) – cybercriminal intermediaries that sell pre-compromised corporate access through underground forums and messaging platforms – is growing. RDWeb portals (websites through which devices can be controlled remotely) are increasingly targeted as ransomware groups continue to industrialise attacks through “Access-as-a-Service” operations. As a result, the barrier to launching ransomware attacks declines.

Telegram channels and dark web forums continuously function as platforms for the distribution and for the sale of compromised data sets and accesses including those that were obtained as a result of ransomware attacks.

A major underground forum, RAMP, which also functioned as a platform through which threat actors advertised their ransomware services and published service‑related updates, got seized by authorities in January 2026.

Another underground forum, LeakBase, where malicious actors distributed exfiltrated and compromised data, was seized in March 2026. However, while law enforcement agencies are actively shutting down dark web platforms and ransomware data leak sites, similar portals may appear over time.

Active groups

Among the most active ransomware groups in 2025 based on data leak sites, Kaspersky identified Qilin as the dominant ransomware-as-a-service (RaaS) operator following RansomHub’s seizure of operations. Clop ranked as the second most active group, with Akira in the third place.

While several major ransomware groups stopped operation in 2025, new actors emerge. Looking at 2026, the Gentlemen is one of the most important new ransomware actors due to the group’s rapid growth, structured operations, and increasing focus on data-centric extortion. The group may include attackers formerly associated with other major ransomware operations.

The Gentlemen exemplify a broader shift in the ransomware ecosystem away from chaotic, high-noise campaigns toward scalable, business-like extortion models focused primarily on stealing sensitive data and leveraging reputational and regulatory pressure rather than relying solely on disruptive file encryption.

“Ransomware has evolved into a highly organised ecosystem focused on monetising stolen data, disabling defences, and scaling attacks with business-like efficiency. Threat actors are quickly adapting, weaponising legitimate tools, exploiting remote access infrastructure, and even adopting post-quantum cryptography years earlier than many expected.

“The purpose of Anti-Ransomware Day is to raise global awareness about the threats posed by ransomware and to promote best practices for prevention and response, and we urge all users to stay secure, set up layered defences, invest in backups and boost cyberliteracy levels to counter attacks,” comments Fabio Assolini, Lead Security Researcher at Kaspersky GReAT.

On Anti-Ransomware Day and beyond, Kaspersky encourages organisations to follow these best practices to safeguard from ransomware:

  • Enable ransomware protection for all endpoints. There is a free Kaspersky Anti-Ransomware Tool for Business that shields computers and servers from ransomware and other types of malware, prevents exploits and is compatible with already installed security solutions.
  • Always keep software updated on all the devices you use to prevent attackers from exploiting vulnerabilities and infiltrating your network.
  • Focus your defence strategy on detecting lateral movements and data exfiltration to the Internet. Pay special attention to outgoing traffic to detect cybercriminals’ connections to your network. Set up offline backups that intruders cannot tamper with. Make sure you can access them quickly when needed or in an emergency.
  • Companies from non-industrial sector can protect themselves by installing anti-APT and EDR solutions that enable capabilities for advanced threat discovery and detection, investigation and timely remediation of incidents. Organizations can also provide their SOC teams with access to the latest threat intelligence and regularly upskill them with professional training.

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Firm Warns of Phishing Attacks via Compromised Amazon Simple Email Service Accounts

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Kaspersky has detected phishing and business email compromise (BEC) attacks that are leveraging Amazon Simple Email Service (SES) – a cloud-based email service designed for businesses and developers to send and receive high-volume marketing, notification, and transactional emails (for instance, password resets).

Because these emails are sent via a trusted service, they originate from reputable IP addresses, frequently include legitimate “.amazonses.com” identifiers. This makes phishing messages nearly indistinguishable from legitimate correspondence at a technical level. Users should treat unexpected emails with extreme caution.

The attacks are driven by the theft and exposure of credentials from Amazon Web Services (AWS). The attackers are using leaked AWS Identity and Access Management Keys – often found in public repositories, misconfigured cloud storage, and exposed configuration files. With automated tools, threat actors can identify valid keys and abuse them to send large volumes of malicious emails through legitimate infrastructure operated by Amazon.

Attackers disguise malicious links behind trusted domains such as amazonaws.com using redirects and by creating highly convincing HTML email templates. In many cases, phishing pages are hosted on infrastructure that appears legitimate, further increasing the likelihood of credential theft from victims.

One of the campaigns observed by Kaspersky in early 2026 involved emails impersonating document-signing platforms like DocuSign. Victims were prompted to review and sign documents, only to be redirected to fraudulent login pages hosted on an Amazon Web Services page designed to capture credentials.

Researchers also identified business email compromise attacks carried out via Amazon SES in which attackers impersonated employees and fabricated entire email threads with suppliers. These messages, often sent to finance departments, requested urgent payments and included PDF attachments containing only banking details – with no malicious links – making detection challenging.

“We’ve seen attackers abuse trusted platforms before – like in cases with Google Tasks and Google Forms – where scammers rely on built-in notification mechanisms to deliver phishing links from legitimate domains like @google.com, effectively bypassing email filters and exploiting user trust.

“However, the abuse of Amazon SES represents a more advanced stage of this trend: instead of merely leveraging a platform’s notification features, attackers compromise cloud credentials and gain direct control over a trusted email-sending infrastructure. This allows them to scale attacks, fully customise messages, and deliver phishing emails that are hard to distinguish from legitimate business communications,” commented Roman Dedenok, Anti-Spam Expert at Kaspersky.

 


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NITDA says Digital Infrastructure Key to Startup Investment, Growth

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National Information Technology Development Agency (NITDA) has reaffirmed that a strong and reliable digital infrastructure is fundamental to attracting investment, boosting competitiveness, and achieving sustainable growth within Nigeria’s startup ecosystem.

NITDA says Digital Infrastructure Key to Startup Investment, Growth

NITDA

This position was underscored at the Africa Fintech Foundry Ecosystem Roundtable 7.0, a virtual engagement themed “The Capital Reset: What Technologies Are Still Fundable in Africa?”

Speaking on behalf of Kashifu Inuwa, Director General of NITDA, the Special Assistant on Digital Transformation to the DG, Muhammad Aminu, emphasised that investors are increasingly drawn to startups operating in environments supported by dependable digital infrastructure and clear, predictable policy frameworks.

He explained that digital infrastructure goes far beyond basic internet access. According to him, it encompasses cloud computing systems, digital identity frameworks, payment infrastructure, data exchange platforms, interoperability standards, cybersecurity architecture, and emerging artificial intelligence technologies.

He noted that, “These foundational systems significantly lower operational barriers for startups, enabling founders to focus on innovation, customer acquisition, and scaling, rather than having to build essential infrastructure independently.”

From an investment standpoint, Aminu observed that robust digital infrastructure reduces uncertainty, lowers operational risk, enhances scalability, and considerably cuts the cost of expansion, thereby making startups more attractive to both local and international investors.

He further highlighted several ongoing government initiatives aimed at strengthening Nigeria’s digital ecosystem. These include sovereign cloud projects, data interoperability frameworks, cloud adoption policies, cybersecurity and data governance reforms, as well as the implementation of the Nigeria Startup Act.

In addition, he stressed that regulatory clarity and consistency in policy direction remain critical in attracting sustained investment into the technology sector.

Aminu also noted that NITDA is giving priority to human capital development through the 3 Million Technical Talent (3MTT) programme, describing skilled manpower as a vital component of digital infrastructure.

In conclusion, he stated that a strong, well‑structured digital infrastructure framework not only lowers the cost of innovation but also boosts investor confidence and supports the long‑term growth and expansion of Nigeria’s startup ecosystem.

 


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