OUR BLOG POST
The COVID-19 pandemic has forever changed the ePayments landscape. It accelerated the adoption of instant payments as the population transitioned to electronic channels for funds exchange in the wake of Government imposed lockdowns.
On Transaction Channels Mobile remain the preferred channel with 43% of total transactions, while USSD remains a close second with 35% of transactions. These remain largely unchanged from 2019. This indicates that 78% of total transfer transactions were carried out using a mobile device.
Additionally, a significant spike was observed for Internet Banking transactions, as they grew to 10% of the total transactions. This can be attributed to the move away from physical channels, and the branch closures experienced in key commercial hubs in the wake of the pandemic.
Mobile payments and USSD continued to experience steady growth, growing by 84% and 80% respectively YoY. With ~49.5% smartphone ownership and an estimated ~97 million mobile internet users, there are strong indicators that mobile and USSD payments will see significant growth in the short-medium term.