In recent years, the number of African traders migrating to the web has skyrocketed. In 2020, IFC (International Finance Corporation) estimated the market size at $20 billion, with, since 2014, an annual growth of 18% in the number of online shops. Despite this growth, many challenges remain and, among merchants, one question remains central: how to collect payments from customers in complete security?
“Although the customer journey has been digitized, this latest online payment solution was missing. Thus, for businesses, payment was taking place on delivery, in cash,” explains Idriss Marcial Monthe, CEO of CinetPay. Founded in 2016 in Abidjan, the start-up allows merchant sites as well as applications to collect payments via online wallets (wallet in English), mobile money or a traditional bank account. “Cash on delivery was indeed causing a lot of problems,” sighs the entrepreneur.
Technology: the keys to the rise of electronic payment