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African market: e-commerce growth expected to exceed 48% by 2028

16/07/2024
Source : ORISHAS-FINANCE
Categories: Index/Markets

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Nikulipe, a Lithuania-based fintech specializing in cross-border payments in emerging markets, has published a report according to which the size of the African e-commerce market is expected to increase from $30.71 billion in 2024 to $45.72 billion in 2024 to $45.72 billion in 2028, thus recording an increase of 48.88% in the space of four years

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The report entitled “Payments and e-Commerce in Africa 2024" indicated that 40% of the continent's population is expected to buy goods and services online in 2025 compared to 24% in 2020 and only 13% in 2017. The main factors that will contribute to the rise of the e-commerce sector on the continent are the high proportion of young people in the general population, the increase in the penetration of smartphones and mobile Internet as well as the increasing adoption of digital payment methods such as mobile money. For its part, the AfDB said that five African countries are expected to be among the Top 10 fastest-growing economies in the world this year. These would be Senegal (9.4%), Niger (9.6%), Rwanda (9.6%), Rwanda (7.9%), Rwanda (7.9%), and Togo (6.3%). Six other countries also show growth rates of around 5.5% during the years 2023 and 2024, in this case Benin, Ethiopia, the Democratic Republic of Congo, the Gambia, Mozambique and Tanzania

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