STICPAY, a leading global e-wallet service provider and payment gateway, has reported a more than 250% increase in usage amongst African countries, as developing nations across the continent turn to new electronic payment solutions for their payments, forex and gaming needs.

In the first half of 2023 the number of STICPAY forex and domestic payment transactions across African counties increased on average by 255%, while the number of gaming transactions increased on average by 266%, compared to the first six months of 2022.

In Kenya, the total of number of transactions (forex, domestic payment and gaming) increased by more than 5000% - the most of any African nation. The huge increase reinforces a September 2022 VISA report that concluded Kenya now ranks first in the use of digital payments across Africa.

Egypt and Nigeria were the fastest-growing e-wallet gaming markets, with gaming transactions up more than 5000% (Egypt) and 1700% (Nigeria) respectively compared to H1 2022. Insights from Statista have highlighted how Africa’s online gaming market is set to grow at 8.6% annually over the next four years, leading to a market valuation of $2.26bn/£1.78b by 2027.

The slowest growth registered in forex, domestic payment and gaming transactions combined was in Zimbabwe, although transactions were still up 65% compared to H1 2022. STICPAY transactions were also registered in Cameroon, Democratic Republic of Congo, Djibouti, Gambia, Ghana, Liberia, Sierra Leone and Tunisia for the first time.

The surge of STICPAY transactions across Africa is the latest indicator of the growing impact of e-wallets in developing nations. Many of these nations’ economies, including those across South-East Asia, have traditionally been reliant on cash, with a consideration proportion of their populations being unbanked and lacking access to retail financial services – an issue e-wallet providers such as STICPAY are working to solve by democratising access to finance through mobile technology.

Sean Park, STICPAY CEO, said:

“We’re delighted to see such strong growth across the African e-wallet market. New fintech payment solutions such as e-wallets help make payments faster, cheaper and more accessible to those in emerging markets, which is why more and more consumers and businesses are choosing to adopt e-wallets to fulfil their gaming, forex, remittance and business payment needs.”