(Ecofin Agency) - The market for Buy Now, Pay Later (BNPL) in Africa & the Middle East is set to nearly triple by 2028, reaching $28.6 billion, up from $9.9 billion in 2022, according to a report by market research firm ResearchAndMarkets.

The latter forecasts an average annual increase of 17.8% in the adoption of this payment method over 2023-2028, driven by the rising penetration of e-commerce in the target regions. The "Africa & Middle East Buy Now Pay Later business and investment opportunities databook," report also expects a 26.6% annual growth in BNPL payments in 2023, reaching $12.6 billion.

The BNPL method provides an attractive alternative to traditional payment methods, allowing customers to make purchases without paying the full amount.