ADVERTISEMENT
  • About
  • Advertise
  • Careers
  • Contact Us
Saturday, August 2, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Fintech

Nigeria Trails South Africa, Kenya in Africa’s B2B Payment Revolution

by Justice Godfrey Okamgba
July 26, 2023
in Fintech
0
Nigeria Trails South Africa, Kenya in Africa’s B2B Payment Revolution
UBA
Advertisements

A new report from Duplo, a business payment platform for African businesses of all sizes, has revealed that Nigeria trails South Africa and Kenya in the development of key B2B payment processes across Africa, including the adoption of electronic bank transfers, speed of processing invoices, and payment automation.

According to the Exploring the State of B2B Payments in Africa report, which includes the surveyed opinions of more than 1,200 professionals from Kenya, Nigeria, South Africa, and Ghana, South Africa leads the way in electronic bank transfers, with 49.1 percent choosing it as their preferred way to pay vendors, followed by Nigeria (48.5 percent), Ghana (34 percent) and Kenya (31.9 percent).

Kenya leads the way in payment automation, with 83.4 percent of Kenyans stating that their payment system was either semi-automated or fully automated, compared to Nigeria (79.9 percent), South Africa (71.69 percent), and Ghana (67.23 percent).

When it came to the speed of processing invoices, South Africa has a slender lead, with 39.93 percent stating that it typically takes a day or less to process invoices compared with Nigeria’s 39.74 percent.

Africa’s B2B payment sector represents a significant, yet largely untapped opportunity. This is partly due to the complexity and larger transaction volumes associated with B2B payments.

According to the World Bank, the continent’s share of the global B2B payment opportunity stands at $1.5 trillion.

However, despite this promising potential, many businesses grapple with considerable payment delays and other issues with their payment processes that negatively impact their cash flow and slow their growth.

In recent years, digital payment solutions have eased many of these challenges but there remain several issues to be addressed in the journey of easing the flow of money between businesses in Africa.

For example, security ranked as the most critical feature across the board for respondents when choosing B2B payment software, with 35.89 percent selecting it as the feature they valued the most.

MTN ADS

Across individual countries, security was also the top feature – Kenya (39.9 percent), Ghana (36 percent), South Africa (35.6 percent), and Nigeria (32.2 percent) – emphasizing the importance companies attach to safeguarding their financial data.

Functionality and ease of use (17.6 percent), multiple payment options (13.5 percent) and speed (12.9 percent) follow, showing a preference for payment flexibility and quick transactions. Pricing (11.5 percent) and scalability (8.2 percent) are less prioritized, suggesting a focus on functionality and immediate needs.

According to Yele Oyekola, CEO and co-founder of Duplo, “Despite various challenges, the future of B2B payments in Africa is set for dynamic growth and innovation, signaling a new era of opportunities and expansion for the continent’s business ecosystem.

The opportunity to automate accounts payable and receivable and transform other aspects of the B2B payments process offers great potential to reduce payment delays, enhance cash flow and drive growth for businesses across the continent.

The increased adoption of digital solutions also implies a shift in workplace dynamics and positions finance professionals to add more value to their organizations.

We are looking forward to playing a major role in the realization of these opportunities and the delivery of technology solutions to support growth for businesses in Africa.”

Loading

MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares

MTN ADS
Justice Godfrey Okamgba

Justice Godfrey Okamgba

Next Post
It's Official - Twitter Rebrands Handle to @X

It's Official - Twitter Rebrands Handle to @X 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

WTO Pledges N12bn for Fisheries Development in Nigeria, Others

3 years ago
Statistical Analysis of Smartphones Growth and the Impact on Nigeria’s Economy, 5G

Monetising 5G: Telcos Grapple with Revenue Challenges

1 year ago

Popular News

  • Baladna of Qatar

    Qatar’s Baladna to Establish Multi-Million Dollar Factory in Ogun State

    0 shares
    Share 0 Tweet 0
  • Top 10 Personalities Driving Cybersecurity Revolution in 2025

    0 shares
    Share 0 Tweet 0
  • When AI Pretends to Care: The Dark Risks of Chatbot ‘Therapy,’ Psychologists Warn

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Gains 3.8 Million New Subscribers, Surpasses 84.7 Million Users in H1 2025

    0 shares
    Share 0 Tweet 0
  • Emeka Afigbo, Iyinoluwa Aboyeji, Five Others Appointed to Nigeria’s 3MTT Advisory Committee

    0 shares
    Share 0 Tweet 0

Connect with us

  • About
  • Advertise
  • Careers
  • Contact Us

© 2025 TECHECONOMY.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs

© 2025 TECHECONOMY.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.