We’re happy to announce the launch of the second edition of The State of B2B Payments in Africa Report.
Building on the first edition, we zoomed in on four top markets. This year’s report is a comprehensive study of the business payments landscape in Sub-Saharan Africa. It is based on a survey of over 1,250 founders and finance professionals in Ghana, Kenya, Nigeria, and South Africa.
Some key highlights:
- Half of the businesses (50.5%) surveyed use semi-automated payment systems
- Electronic Bank Transfers are the most favoured way to pay vendors, across all company sizes, with adoption increasing with company size
- Security is the top priority (27.6%) for companies when selecting B2B software, and it is also deemed the most critical feature (36.3%) within the software
What we learned from the first edition
In the first edition of our State of B2B payments report, we uncovered that the biggest hindrances to making B2B payments in Africa are high transaction fees and manual processes. These, coupled with the slow speed of business transactions, presented themselves as the biggest challenges facing African companies that regularly make business payments.
We also noticed a shift in payment methods, from traditional mediums like cash and mobile money to digital methods, predominantly bank transfers and mobile money. This transition from cash-based transactions suggests that beyond the clamour for digitised payments, African businesses want payment processes that are effective and efficient, rather than digital payments just for the sake of it.
What can you expect from the 2023 edition?
In this year’s report, we have dug deeper to discover the key trends in the African B2B payment landscape, captured in these broad themes:
- The rise of digital business payments and automation in Africa
- Trends highlighting the shift away from traditional payment methods
- The need and immediacy for businesses to adapt to the changing landscape
Download your copy today and find key insights to help you make informed choices for your financial operations. We hope that you will find this report to be a valuable resource.
If you have any questions or feedback, please do not hesitate to contact us. (Email: hello@tryduplo.com and press@tryduplo.com)
