Rising African countries are among the fastest-growing regions in consumer spending, according to data from the World Data Lab analyzed by EBANX, a global technology company specializing in payment services for rising markets. The giant Egypt will accelerate growth by 167%, while the smaller economies, like Ethiopia, will grow by an impressive 429% in the next decade. Kenya (115%), Morocco (107%), Ghana (106%), and South Africa (42%) are also mentioned in the analysis. These figures were presented this week during the Napa Valley (U.S.) chapter of the EBANX Payments Summit, an annual event that brings together industry leaders to discuss trends and innovations in the digital economy and payments. 

"Of the rising markets shaping the future of consumption, Africa is often overlooked. However, the numbers tell a different story: the continent will be the second region to add more new consumers in 2024,  10 million, only behind Asia, making Africa the next frontier for digital commerce," analyzes Wiza Jalakasi, Director of Africa Market Development at EBANX. In addition, EBANX highlighted two other regions that have been standing out for their relevance and acceleration: India and Latin America. India is set to surpass the impressive mark of US$ 5.4 trillion in consumer spending by 2034, a 198% growth compared to the current US$ 1.8 trillion. This will place the Asian country as the third-largest market in the world, behind only the United States and China. In LatAm, Brazil (62%) and Mexico (54%) are leading the way, each surpassing US$ 2 trillion in consumer spending over the next decade.

"This growth is directly linked to the digitalization of the economy and the payment innovations these markets have been experiencing in recent years," explains Rashmi Satpute, Country Director of India at EBANX. "During the Payments Summit, we heard from numerous global players that emerging countries are becoming increasingly important to their businesses. They have enormous digital potential that is catching the attention of the entire world." Data from Statista Market Insights featured in Beyond Borders 2024, digital payments and commerce report by EBANX, show that digital commerce in rising markets will grow sixfold between 2017 and 2027, at a rate of 20% per year, which is 7 percentage points higher than developed countries. The digital economies of India, Latin America, and Africa together will surpass US$ 1.3 trillion within three years, according to Payments and Commerce Market Intelligence (PCMI).