Economy
Survey Shows Nigeria, Kenya S/Africa Top Drivers of e-Commerce Volumes
By Modupe Gbadeyanka
Three countries in Sub-Saharan Africa (SSA), Nigeria, Kenya and South Africa have been identified as the key drivers of e-commerce volumes in the region.
This is according to a recent Visa report which looked into the top market contributors to the sector over the last 3 years. It was revealed that Ghana is also showing growth.
The SSA region may be one of the smallest regions of e-commerce globally, but it shows steady growth potential. During the lockdown, the region saw new e-commerce users rise by 5 per cent when compared to the active base in SSA the previous year.
“The three leading markets in SSA are starting to mature, providing the region with an established foundation and when twinned with the growing penetration of e-commerce, it offers players in the payment space an opportunity they can capitalise on while helping to further accelerate the expansion of e-commerce in the region,” explains Lineshree Moodley, Head of Visa Consulting and Analytics (VCA) in Sub-Saharan Africa.
Visa’s white paper, entitled e-commerce developments across Sub Saharan Africa (SSA), confirmed that, as the world becomes increasingly digital, e-commerce has been driving the acceleration of digital commerce.
It has experienced phenomenal growth rates around the world, and even recent setbacks as a result of the continuing COVID-19 pandemic haven’t stopped its rise. In fact, according to recent GroupM estimates, e-commerce sales are projected to grow to $7 trillion across the globe by 2024.
The research paper found that, in SSA, cross-border transactions make up half of all e-commerce transaction volumes, e-commerce is driven by retail goods and professional services, mobile phones are the main source of digital access, payment facilitators are a critical catalyst for digital payments, while fraud protection remains key to maintaining customer trust.
In terms of the merchant categories driving e-commerce, for Kenya and Nigeria, there is a steady dedication to service-based merchants with a strong spread across services categories such as professional services, education, government, and business-to-business merchants. In South Africa, professional services and telecom/utilities merchants were the top drivers of e-commerce in 2020.
The most important e-commerce enablers – the ability to access financial services, digital payment channels and digital infrastructure – are starting to take hold across SSA.
Although cash may remain the dominant payment instrument in the region, for now, there are signs that this will eventually change. In Nigeria, for example, cash is still particularly prevalent, while in Kenya mobile money is most popular and many South Africans choose cards as their main payment methods.
The COVID-19 pandemic has pushed consumers towards digital payments in the key e-commerce markets for SSA. At a primary level of cash versus digital payment instruments, there has been a strong move away from the use of cash across the board. This is due to a shift to e-commerce behaviour that is mostly enabled by digital payments and a reduced preference for face-to-face interactions that involve handling common surfaces, such as cash.
When exploring digital payments usage, the use of cards has increased across the continent, with the highest uptick taking place in Kenya.
However, the nature of this usage is interesting. There has been a strong preference for contactless payments, a notable point for enabling safe card payments on delivery, as well as in the use of e-wallet services, as cash is seen as a vector for the virus.)
With these realities, how can payment industry stakeholders and merchants capitalise on these opportunities, to sustain the growth of e-commerce in the region? Andrew Uaboi, Country Manager, Visa Nigeria, said that it is important that e-commerce platforms are designed with end-to-end mobile enablement in mind, and that online payments provide a strong user experience that is secure and appears seamless to the customer, both for local and cross-border transactions.
“Customers in SSA are making use of a wide range of digital payment instruments, so it is becoming increasingly important that e-commerce offers multi and even omnichannel experiences. At Visa, we continue to work with traditional and new financial services companies to develop new products and capabilities that deliver on this.”
As domestic e-commerce provision in SSA is continues to grow, there is an exciting opportunity for SSA to develop its own regional e-commerce platforms and sustain growth, while increasing the continent’s connection to the rest of the world.
By Dipo Olowookere
The first trading session on the floor of the Nigerian Exchange (NGX) Limited after the two-day break for Easter ended on a positive note, with a 0.16 per cent rise on Tuesday, April 7, 2026.
The local stock exchange last opened its doors to investors last Thursday, and at the resumption of trading activities yesterday, market participants showed enthusiasm, mopping up shares in the banking ecosystem, and rescuing the bourse from the bears.
This returned Customs Street to the green territory, with the All-Share Index (ASI) growing by 324.21 points to 202,023.10 points from 201,698.89 points, and the market capitalisation up by N209 billion to N130.015 trillion from N129.806 trillion.
The expansion experienced during the session was inspired by three sectors, with the banking index up by 1.46 per cent, the energy space up by 0.12 per cent, and the consumer goods counter up by 0.10 per cent. But the insurance sector lost 1.37 per cent, and the industrial goods sector depreciated by 0.31 per cent.
Business Post reports that investor sentiment was bearish on Tuesday after a negative market breadth index caused by 25 price gainers and 36 price losers.
Ellah Lakes slumped by 10.00 per cent to N10.80, DAAR Communications gave up 9.95 per cent to trade at N1.72, Chams decreased by 9.87 per cent to N3.38, John Holt lost 9.71 per cent to finish at N13.95, and Sunu Assurances slipped by 9.68 per cent to N4.20.
On the flip side, Trans Nationwide Express gained 9.86 per cent to quote at N3.12, Omatek appreciated by 9.76 per cent to N2.25, Cadbury Nigeria improved by 9.53 per cent to N75.25, First Holdco rose by 9.10 per cent to N54.55, and Fortis Global Insurance chalked up 6.50 per cent to close at N1.31.
Trading data revealed that activity level improved during the session, with the trading volume up by 114.29 per cent to 1.2 billion shares from 560.0 million shares, the trading value surged by 108.81 per cent to N40.3 billion from N19.3 billion, and the number of deals soared by 57.03 per cent to 78,006 deals from 49,676 deals.
Wema Bank transacted 282.6 million equities valued at N7.3 billion, Access Holdings exchanged 125.2 million stocks worth N3.3 billion, VFD Group traded 106.8 million shares for N1.1 billion, First Holdco sold 63.0 million equities worth N3.2 billion, and GTCO exchanged 56.6 million shares valued at N7.1 billion.
By Adedapo Adesanya
The oil market was down $100 per barrel on Wednesday after US President Donald Trump said he had agreed to a two-week ceasefire with Iran, subject to the immediate and safe reopening of the Strait of Hormuz.
Brent futures lost $14.51 or 13.3 per cent to sell for $94.76 a barrel, while the US West Texas Intermediate (WTI) futures fell by $17.16 or 15.2 per cent to $95.79 a barrel.
WTI has maintained its price premium over Brent in a reversal of typical price patterns due to its delivery contract being for May while Brent is for June, reflecting that barrels with an earlier delivery date are commanding a higher price.
President Trump’s turnaround came shortly before his deadline for Iran to open the Strait of Hormuz, where 20 per cent of the world’s oil transits, or face widespread attacks on its civilian infrastructure.
“This will be a double-sided CEASEFIRE!” he wrote on social media, after posting earlier on Tuesday that “a whole civilisation will die tonight” if his demands were not met.
President Trump indicated that negotiations may be progressing toward a more durable agreement, citing a 10-point proposal from Iran that he described as a “workable basis” for long-term peace.
Iran said it would halt its attacks if attacks against it stopped and that safe transit through the Strait of Hormuz would be possible for two weeks in coordination with Iranian armed forces.
Despite the breakthrough, tensions remain elevated across the region, with several Gulf states reporting missile launches, drone activity, or issuing civil defence warnings.
The single most important factor to watch will be how many tankers cross the Strait of Hormuz with this new agreement in place. Already, another tanker operated by Malaysia’s Petronas and carrying Iraqi crude was allowed passage in the latest sign of a modest restoration of oil flows via the chokepoint.
Earlier in the week, two tankers carrying LPG for India were also allowed to pass the strait after Iran began making individual passage deals with foreign governments. The past few days have also seen three Oman-operated vessels clear the chokepoint, as well as a French container ship and a Japanese gas carrier. China, Russia, Turkey, and Pakistan are also among the countries that Iran is allowing to send ships via the waterway.
The US-Israeli war with Iran saw the steepest monthly oil price rise in history in March of more than 50 per cent.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
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