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By : Maria Diamond
Date: 24 May 2025
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According to Akinfenwa, there is a surge in payment adoption driven by mobile penetration and a youthful, tech-savvy population. He said: While mobile money remains a dominant force in many East African countries, were also witnessing the rise of card payments, particularly with the growth of e-commerce. Domestic card schemes like Verve in Nigeria are crucial, coexisting alongside global players like Visa and Mastercard. The diversity is key, as each market has its own nuances, influenced by infrastructure, regulatory frameworks, and cultural preferences. However, there are key challenges hindering wider adoption and seamless experiences for both merchants and consumers.
These challenges are multifaceted. Infrastructure limitations, particularly in terms of reliable internet connectivity and power supply remain significant hurdles in many areas. Regulatory complexities also play a major role. Navigating different licensing requirements, cross-border payment regulations, and evolving compliance standards across multiple countries can be intricate for businesses.
Then theres the crucial aspect of trust. For consumers, security concerns around digital transactions are still prevalent. For merchants, issues like high transaction fees and the complexities of integrating with various payment methods can be deterrents.
By John Doe
Rutam House, Plat 103/109, Apapa-Oshodi Express Way, Isolo, P.M.B 1217 Oshodi, Lagos, Nigeria.
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