Africa Buy Now Pay Later (BNPL) Market is Predicted to Reach USD 1917.9 million by 2030

According to the study by Next Move Strategy Consulting, the Africa Buy Now Pay Later (BNPL) Market size is predicted to reach USD 1917.9 million, at a CAGR of 30% by 2030.

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The growth of the Buy Now Pay Later (BNPL) market trends is significantly fueled by its unmatched convenience for consumers. Unlike traditional payment methods mandating upfront full payment, BNPL services empower shoppers to divide their purchases into smaller, manageable installments over time.

The burgeoning BNPL market is propelled by the increasing prevalence of online shopping. With digital commerce progressively shaping consumer habits, individuals are embracing the convenience of purchasing goods and services online.

High fees and interest rates prevalent in the buy now, pay later (BNPL) market could impede its growth by discouraging consumer utilization. BNPL transactions usually involve installment payments accompanied by additional fees or interest charges. To overcome this challenge, BNPL providers must carefully manage their fee structures and interest rates to ensure affordability while sustaining competitiveness.

The market players operating in the Africa buy now pay later industry include Affirm Holdings, Inc., Atome, Block, Inc. (Square), Klarna Bank AB (PULP), Latitude, Openpay, PayPal Holdings, Inc., Sezzle, Scalapay, Zip Co Ltd. (Zip), and others.