Seerbit CEO on what the future hold for Africa’s payments sector

The payments sector in Africa is poised for a major transformation with McKinsey estimating that more than 100 million micro, small, and medium-sized enterprises will drive consumer payments to top $2.1 trillion by 2025. Despite this colossal potential, only 5% of transactions on the continent are currently digitized. To delve deeper into the future of payments in Africa, CNBC Africa spoke with Niyi Kolade, the CEO of Seerbit, a leading payments solutions provider. Kolade shed light on the pivotal role that payments play in the continent's economy, emphasizing how commerce in Africa heavily relies on efficient payment channels. He highlighted that specific markets like Kenya, South Africa, Nigeria, and Egypt have emerged as focal points for funding due to the significant opportunities and market size they offer. However, he expressed optimism that the payment landscape will evolve rapidly in the coming years, driven by increasing digitization and credit adoption across Africa. Seerbit, currently operational in 23 countries, is set to expand further across Western, Southern, and Northern Africa, with plans to facilitate seamless access to global markets. While discussing future funding prospects, Kolade underscored the dynamic nature of the investment space, foreseeing a surge in funding for innovative payment solutions in the near future. He also hinted at potential collaborations and partnerships to navigate the evolving payments ecosystem, emphasizing the need for collective efforts to address barriers to trade and commerce in Africa. Kolade highlighted key challenges such as low penetration of digital payments and talent, but remained optimistic about the transformative potential of technological advancements and collaborative strategies in propelling Africa's payments sector forward. As competition intensifies and market dynamics shift, Seerbit stands poised to leverage its expertise and network to drive financial inclusion and digitization across the continent, ultimately shaping a brighter future for payments in Africa.