The Future of Business Payments Report 2025

An industry report by Waza in collaboration with Lagos Business School

    Overview

    Africa’s B2B payments sector is undergoing a rapid and profound transformation driven by innovation, technology, and shifting business needs, the landscape has evolved significantly, ushering in a new era of cross-border efficiency, fintech disruption, and digital infrastructure. This report offers deep, data-driven insights into the forces reshaping business payments across the continent, with expert perspectives, original research, and strategic recommendations illuminating the future of African commerce.
    This report explores the inefficiencies, fragmentation, and cost barriers that continue to challenge Africa’s business payments ecosystem while also uncovering immense opportunities for growth. At Waza, we’re building the infrastructure to overcome these hurdles, streamline global payments, and empower businesses to thrive across the continent.

    —

    Maxwell Obi
    CEO, Waza

    Key Statistics

    Africa's Payment Landscape

    $54B+

    Cross-border remittances to Africa in 2024

    $45B+

    Africa Digital Payments Revenue (2025)

    5200+

    Tech Startups that launched in Africa since 2020

    $3.6B+

    Total Funding Raised in Africa since 2015

    01

    The Next Wave: Trends Reshaping Business Payments

    We explored key innovations and shifts transforming Africa’s payments scene. Here’s what’s driving the next wave of growth:

    Africa’s Fintech Sector on Track for $65B in Revenue by 2030, Growing at 32% CAGR

    With a projected 32% annual growth rate, African fintech is scaling faster than global averages. Over 540 startups in 25 countries have raised $3.6B+ since 2015, with payments, lending and B2B finance leading. The market is set to reach $30B by 2025—and $65B by 2030.

    90% of Retail Transactions Are Still in Cash, But That’s Changing

    Despite the fintech boom, cash remains dominant in Sub-Saharan Africa. However, digital payments are forecast to grow 12.65% annually from 2024–2028, signaling a critical turning point for businesses ready to leap into digital commerce.

    60% Unbanked,
    80% Mobile Access -
    Africa’s Fintech Paradox

    A staggering 60% of African adults remain unbanked, but mobile phone penetration tops 80%. This mismatch presents an explosive opportunity for fintech solutions that meet users where they are: on their phones, in their communities, not in banks.
    Maxwell Obi

    CEO, Waza

    “This report was born out of our commitment to address these challenges head-on. Our mission at Waza is to make global business payments easy and accessible for African businesses.”

    02

    The Next Wave: Trends Reshaping Business Payments

    We explored key innovations and shifts transforming Africa’s payments scene. Here’s what’s driving the next wave of growth:

    Multi-currency Wallets Powering 24/7 B2B Payments- Goodbye Delays, Hello Real-Time

    Real-time settlements, local currency options, and seamless APIs are reshaping how businesses move money across borders. With 24/7 access and improved cash flow visibility, companies can now manage global operations with speed, precision, and far less friction. Instant transactions aren’t just expected—they’re becoming the new standard.

    Blockchain & AI Cut Costs by Millions—The Secret Behind Africa’s Cross-Border Payment Surge

    Technologies like Distributed Ledger Systems, open banking APIs, and AI-driven platforms are unlocking a new era of efficiency and trust. From faster settlements to smarter fraud detection, these tools are eliminating legacy bottlenecks and driving down operational costs across Africa’s payment corridors.

    No Borders, No Barriers — Interoperable Payments Are Redefining B2B Trade

    The ability for different payment systems to integrate and communicate is reshaping African commerce. Interoperability enables smoother cross-border transactions, faster settlements, and easier currency conversion—regardless of platform or provider. It’s the invisible infrastructure powering a frictionless digital trade future.

    03

    The Payment Puzzle: Cracking Challenges; Capturing Growth

    We looked closer at the persistent pain points slowing down business payments in Africa, from FX bottlenecks to outdated infrastructure. These are the key challenges to crack and the opportunities hiding in plain sight.

    7.9% Fees: Africa Has the World’s Most Expensive Remittance Corridor

    Cross-border transaction costs in sub-Saharan Africa average nearly 8%—the highest globally. SMEs and startups bear the brunt, with fees eating into margins and slowing down regional commerce. The lack of harmonized frameworks and FX inefficiencies keep costs high.

    500M+ Without Legal ID: Identity Gaps Crippling KYC & Compliance

    Over 500 million Africans lack verifiable identification, hindering digital onboarding and slowing access to financial services. The result: delays, higher risk exposure, and lost business. Several scalable digital ID solutions are closing the gap, but major challenges remain.

    Legacy Systems + Long Chains = Poor UX, Poor Liquidity, Poor Growth

    Outdated platforms, limited service hours, and manual processes make B2B payments cumbersome. Businesses lose time and working capital navigating multi-step payment chains. Modernising backend rails and enabling 24/7 liquidity is no longer optional—it’s mission-critical.

    04

    Tomorrow’s Transactions: The Road Ahead for Business Payments

    We examined the game-changing shifts shaping the future of payments from policy wins to AI, APIs, and telco-fintech fusion. These are the forces driving the next generation of business payments in Africa:

    $450B Trade Potential: How AfCFTA + PAPSS Are Killing the Old Cross-Border Playbook

    The AfCFTA could boost intra-African trade by over $450 billion by 2035 (World Bank). PAPSS, its payment backbone, aims to eliminate the need for USD-based correspondent banking, reducing settlement time from days to seconds and slashing fees by up to 80%. Together, they’re rewriting the rules of trade and settlement across the continent.

    580 Billion API Calls by 2027: Why Open Banking Will Reshape Business Finance

    The AfCFTA could boost intra-African trade by over $450 billion by 2035 (World Bank). PAPSS, its payment backbone, aims to eliminate the need for USD-based correspondent banking, reducing settlement time from days to seconds and slashing fees by up to 80%. Together, they’re rewriting the rules of trade and settlement across the continent.

    $300B Mobile Money Market: Telcos + Fintechs Are Building Africa’s Payment Superhighways

    The mobile money market in Africa is set to exceed $300 billion in transaction value by 2026 (GSMA). Telcos are joining forces with fintechs to expand digital rails, allowing businesses to reach millions of unbanked users with speed, reliability, and scale.

    This report is more than just a research.

    Cross-border transaction costs in sub-Saharan Africa average nearly 8%—the highest globally. SMEs and startups bear the brunt, with fees eating into margins and slowing down regional commerce. The lack of harmonized frameworks and FX inefficiencies keep costs high.

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