Egypt, which has been flagged for its fintech innovations and VC investments, still sees 76% of the nation’s adults not using financial services. The need for more inclusive financial services in these countries is higher than ever. At the recent AFI Global Policy Forum in Jordan, the Egyptian Central Bank scooped most of the innovation in Financial Inclusion awards. Still, it seems that the banks have much work to do to get excited about the potential.
The region that saw the most significant growth in account ownership since 2011 is Sub-Saharan Africa, primarily because of the record uptake of mobile money services. Account ownership increased by 140% across Sub-Saharan Africa (from 23% to 55%), with Senegal, Gabon, and Uganda among the most significant increase in account ownership. The need for more inclusive financial services in these countries is higher than ever.
Digital transactions in the form of mobile and e-commerce continue to grow at between 15 and 20% annually, according to Shopify.
Even though this is good news, the number of fraud attempts and new fraud types is growing at an exponential rate. Brighterion predicts a 10% increase in overall fraud losses in 2022, as e-commerce transactions and their financial value grow.
Cash isn’t dead in the U.S., accounting for just over 11% of POS transactions. However, by 2025 this is expected to fall below 6%.
By 2025 digital wallet use will account for just over half (52.5%) of eCommerce transaction value worldwide, versus 48.6% in 2021, according to the FIS Global Payments Report.
Globally, FIS projects that 12% of global consumer spending will be conducted via eCommerce by 2025.
Much of the volume paid through wallets draws on credit and debit cards linked to the wallet — essentially, the same account going through a different channel.
By 2025 about 60% of eCommerce will be conducted via mobile devices globally versus online, according to the report.
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