Africa

While consumers in the Middle East and Africa region continue to increase their usage of card payments and the digitalisation of the financial industry also continues to advance, cash still remains important in many countries, especially the African…

This report provides an in-depth analysis of the potential market strategies for companies in Sub-Saharan Africa amidst the current cost of living crisis. It details how companies can leverage affordability, technology, and values to cater to the…

Technological advances in 2024 will continue to reshape consumer behaviour. This annual report explores the top five digital shopper trends that will redefine commerce the most in the year ahead. Some of the trends included in this report’s edition…

This report examines inflation levels and drivers globally and in key countries in Q4 2023 and 2024. Global inflation is moderating, although divergence remains among the key economies. Higher volatility in the energy markets and disruption of…

The popularity of store cards was already in decline during the review period. Among the main reasons for this is that many local consumers struggle to see the advantages that these cards offer or, alternatively, they understand the advantages but do…

Nigeria remains a mainly cash-driven society, though debit card usage is growing. Pre-paid cards, however, are not a popular option, and while the number of cards is expected to increase, constant transaction value is expected to fall in 2023, as…

There are no open-loop pre-paid cards in Morocco, and the number of closed-loop pre-paid cards (and the value of transactions made using them) was in decline even before the onset of the pandemic. The increased use of debit cards was the main driver…

Amid a concerted government focus on financial inclusion and extensive banking initiatives tailored to citizens of all age groups, the category of pre-paid cards remains on a robust growth trajectory within the Egyptian financial market. The…

Nigeria continues to be a cash economy, though debit cards in particular are growing in popularity. Also, in 2023, this growth was further amplified, due to a cash shortage, as there was insufficient supply of the newly designed naira. As a result,…

Morocco’s commitment and investments in financial inclusion are paying off, with the nation having recorded double-digit growth in account ownership since 2017; this makes Morocco one of only four countries worldwide to achieve this. According to the…

Financial cards and payments in Egypt has seen a remarkable year in 2023, characterised by a notable shift from cash to card usage, larger transaction amounts, and a surge in new account openings. Government initiatives to boost financial inclusion…

While Nigeria still mainly operates with cash, debit cards are the most popular financial card and continue to gain further penetration and in 2023, both number of cards and transaction values are expected to increase, with a double-digit constant…

Driven by population growth and continued urbanisation, the number of debit cards in Morocco continues to soar. Traditionally, local consumers show a strong preference for using debit cards thanks to the safety and reliability of paying with existing…

The Central Bank of Egypt reported a noteworthy 15% overall growth in the total number of electronic cards in Egypt by the end of 2022. Specifically, the number of debit cards in the market witnessed a substantial 12% growth. The government's ongoing…

Most banks perceive credit cards as high risk due to experiencing frequent default rates in the past. As such, credit cards continue to be relatively scarce in Nigeria, with mainly high net-worth individuals owning credit cards. Also, due to the…

Morocco is a country heavily reliant on cash, with consumers historically favouring debit cards to any other types of financial cards; standard credit cards continue to suffer from a negative perception among locals for several reasons. The demand…

Amidst the ongoing economic challenges in Egypt, ranging from currency devaluation to inflation and restricted overseas transactions, credit cards have gained substantial traction. The reliance on credit cards is expected to surge further in the…

Gross consumer lending is expected to register growth in 2023, but with inflation continuing to be very high, it will not go far in terms of consumer spending. A new government has implemented some difficult decisions in order to stabilise the…

While Morocco saw dynamic demand for consumer lending immediately post-pandemic as retailers and foodservice outlets reopened their doors to consumers, from September 2022 the market has been impacted by soaring prices impacting purchasing power…

Consumer credit and lending have experienced substantial growth in the past year. In March 2023, the Central Bank of Egypt reported a significant increase in consumer credit. The rise is attributed to an increase in both local and foreign currency…