The global payments industry might be slowing down, but Africa’s is just getting started. A new report from Boston Consulting Group (BCG) projects that the continent’s payments revenue will more than double from $9 billion in 2024 to $19 billion by 2029. This explosive growth, forecasted at a compound annual growth rate (CAGR) of nearly 10%, positions Africa as a global leader, dramatically outpacing the sluggish 4% growth expected for the rest of the world.
The 23rd edition of BCG’s Global Payments Report, titled “The Future Is (Anything but) Stable,” paints a picture of an industry at a major crossroads. While mature markets see their growth engines sputtering, Africa is hitting the accelerator, driven by the rapid adoption of digital and mobile-first financial solutions. Transaction-related revenues are the main catalyst, with the report forecasting sustained double-digit growth in Africa that leaves regions like North America (3.4%) and Europe (3.5%) in the dust.
“This is a turning point for the industry,” said Inderpreet Batra, a BCG managing director and the firm’s global head of payments and fintech. “Traditional growth levers are losing force, but new drivers including agentic systems, programmable money, and fintech innovation are rapidly coming into focus. The players that align to these shifts now will lead the next decade.”
Kenya on the Forefront of the Digital Wave
Zooming in, Kenya’s vibrant fintech scene continues to be a cornerstone of this continental transformation. The report forecasts that Kenya’s own payments revenues will grow from $0.5 billion in 2024 to $0.8 billion by 2029, marking a steady 8% annual growth rate. This is largely credited to the nation’s deep-rooted mobile money ecosystem and the increasing popularity of real-time payment solutions.
“As Africa’s payments sector accelerates towards $19 billion in revenues by 2029, Kenya is keeping pace with the continent’s digital transformation,” noted Takeshi Oikawa, Managing Director and Partner at BCG Nairobi. “Kenya’s experience demonstrates the power of fintech and mobile innovation to drive Africa’s journey toward becoming a global payments growth leader.”
Account-to-Account (A2A) is the New King
The engine behind much of this growth is the meteoric rise of real-time account-to-account (A2A) payments. Globally, A2A volumes jumped by a staggering 40% in 2024 alone, now making up a quarter of all digital retail payments. While this trend is global, its impact is most profound in the Global South.
In markets like India and Brazil, A2A systems like UPI and Pix already handle over 50% of all transactions. The report suggests the Middle East and Africa are on the same trajectory, with adoption projected to soar past 50% by 2030. The reason is simple: with high mobile penetration and less-entrenched legacy card systems, these regions are able to leapfrog directly to more efficient, mobile-native payment rails.
The Sci-Fi Future Is Closer Than You Think
Beyond the current numbers, the BCG report identifies several seismic shifts on the horizon that are set to redefine commerce itself.
First up is Agentic AI. This isn’t just another chatbot. We’re talking about autonomous AI agents that observe, plan, and act on your behalf—often without direct human input. A BCG survey found that 81% of US consumers expect to use agentic AI for shopping. This shift could influence over $1 trillion in spending – or about 50% of all e-commerce – as agents begin to autonomously handle everything from reordering household supplies to comparing prices and executing purchases. For merchants and payment providers, the game will no longer be about winning at the checkout; it will be about becoming the preferred choice for a consumer’s AI agent.
Then there are Digital Currencies. While still dominated by crypto trading, stablecoins generated an eye-watering $26 trillion in transaction volume in 2024. However, real-world payments still only account for a tiny 1% of that total. Their true potential is emerging in markets with high inflation and currency instability. In Nigeria, for example, USDC transaction volume surged 412% year-over-year in 2025, now exceeding $3 billion a month as a tool for preserving value and facilitating cross-border transfers.
Fintechs remain a powerful disruptive force, generating $176 billion in revenue in 2024 and growing at an impressive 23% annually. These companies have attracted over $135 billion in equity funding in the last 25 years and now account for 45% of total fintech revenue, with top performers growing three times faster than incumbents.
“We’re entering an era where growth and complexity go hand in hand,” said Markus Ampenberger, a BCG managing director and partner. “The next winners in payments won’t just be fast adopters of technology. They will be the firms that deeply integrate new capabilities into business and operating models, and customer value propositions.”
For Africa, this complex future is a massive opportunity. The continent isn’t just playing catch-up; it’s becoming a live-fire laboratory for the future of money. As the report makes clear, the future of payments is anything but stable, and for once, that volatility looks like a massive advantage for Africa’s innovators.
