APMs in Africa: Unlocking the Potential while Bridging the Financial Divide

Even though the African economy hasn’t grown much over the last decade, the continent has amazing potential. Home to the planet’s youngest and fastest-growing population (which is expected to double to 2.5 billion people by 2050, according to McKinsey), Africa boasts vast natural resources, great human capital and a drive for innovation in multiple industries. 

With a significant percentage of the population being unbanked, it’s not surprising that Alternative Payment Methods (APMs) are diverse and popular. In Africa, APMs are not just transforming transactions; they are forging paths toward financial inclusivity and economic growth. In this article, we will explore the trends, types, and pioneering players shaping the APM landscape in Africa.

Africa’s APM landscape can be described by the following trends:

Mobile Money Revolution:
Africa has become a global leader in mobile money adoption. Services like M-Pesa in Kenya, MTN Mobile Money in Ghana, and Orange in Cameroon have revolutionized financial access, allowing millions to conduct transactions, transfer money, and pay bills via their mobile phones.

Digital Wallets and USSD Codes:
Digital wallets and Unstructured Supplementary Service Data (USSD) codes have become prevalent in Africa. USSD codes provide a simple and effective way for people without smartphones or internet access to perform various financial transactions, enhancing financial inclusion in remote areas.

Cryptocurrency Adoption:
Some African countries are turning to cryptocurrencies, such as Bitcoin, for financial stability in regions with volatile currencies. Cryptocurrencies offer a secure, borderless alternative, especially in countries experiencing economic challenges. Top APMs in some African countries:

Top APMs in some African countries:


  • M-Pesa: Launched by Safaricom, M-Pesa is one of Africa's most successful mobile money platforms, allowing users to send money, pay bills, and access other financial services through their mobile phones. With over 40 million users in Kenya alone and expanding to other African countries, M-Pesa remains a significant player, illustrating the widespread adoption of mobile money services in Africa.
  • Equitel: Equitel, operated by Equity Bank, offers mobile banking services, allowing customers to perform various transactions using their smartphones.


  • Paga: Paga is a mobile payment platform that provides financial services to individuals and businesses, enabling users to send money, pay bills, and buy airtime.

South Africa:

  • SnapScan: SnapScan is a mobile payment app that allows users to make payments by scanning QR codes at participating merchants, making in-store and online transactions quick and convenient.
  • Zapper: Zapper is another popular mobile payment app in South Africa, enabling users to pay bills, order food, and redeem vouchers using their smartphones.

Africa's APM landscape continues to evolve, driven by innovation and a commitment to financial inclusion. As mobile technology becomes more accessible, digital wallets and mobile money services are expected to further bridge the financial divide, empowering millions of Africans with newfound financial freedom. 

Through mobile money, digital wallets, and cryptocurrencies, the continent is not just embracing alternative payment methods but also transforming lives and communities. As Africa continues to lead the charge in financial inclusivity, the rest of the world watches, learning valuable lessons in the journey toward a more financially connected globe. 

With our portfolio of well over 1000 APMs worldwide, Praxis is well positioned to equip businesses who look to enter or grow in African markets with the right solutions. Reach out today to