BNPL market set to triple by 2028 to $28.6bn in Africa and the Middle East
Tuesday, 28 November 2023 17:50
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.
Live News
-
Libya Moves to Secure Damaged Russian Tanker Amid Explosion Risk in the Mediterranean
14:28
-
Nigeria's Moniepoint expands beyond payments with Orda Africa acquisition
14:21
-
Cameroon Plans Tourism Sector Inspections to Strengthen Anti-Money Laundering Compliance
14:03
-
Ethiopia’s Amhara Region Introduces Mobile Money Tax Payments via M-Pesa
13:30
-
Tony Elumelu Foundation’s 2026 cohort sees majority women, strong agriculture presence
13:14
-
Energy minister calls for power sector overhaul as NHPC arrears near XAF70 bln
13:02
-
How Togo Calculates Its Inflation Rate
12:32
-
WhatsApp Tests Noise Reduction Feature for Clearer Calls on Android
11:13
-
Namibia unveils Accelerate36 to scale local startups
11:04
-
UK’s Klipboard acquires South Africa’s Skynamo in expansion push
10:51
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both coun...
Cameroon signs MoUs for $1.5 billion waste-to-energy projects Plans target waste treat...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
Damaged Russian LNG tanker drifting crewless toward Libyan coast Vessel hit by Ukrainian drone, carrying fuel and residual LNG Libya leads...
M-Pesa Ethiopia partners Amhara to enable digital tax payments Safaricom expands services aligning with national digital strategy Platform...
TEF selects 3,200 entrepreneurs across 54 African countries Beneficiaries receive training, mentoring, and up to $5,000...
Ghana approves new engineering and agriculture university in rural areas Three campuses aim to expand access beyond major cities Project...
Kumbi Saleh is regarded as one of the earliest major political and commercial capitals of West Africa. Located in present-day Mauritania, near the border...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...