Wirecard South Africa eyes Sub-Saharan Africa for growth

Wirecard South Africa, a leading player in the fintech industry, is eyeing significant growth opportunities in Sub-Saharan Africa as demand for online and mobile payments continues to rise in the region. Peter Stenslund, the Executive Director of Wirecard South Africa, recently discussed the challenges and opportunities in the African market during an interview with CNBC Africa. Stenslund highlighted the increased internet access, advanced financial systems, and widespread mobile penetration as key drivers of the growing demand for digital payment services in Africa. Although there are challenges present, Stenslund emphasized the company's commitment to focusing on the abundant opportunities that the region presents. He specifically pointed out the opportunities in North of South Africa, particularly within sub-Saharan Africa, where there is a rising need for payments for goods and services over the internet, as well as mobile money and mobile wallet applications. Stenslund expressed enthusiasm for countries with large unbanked populations, such as Nigeria, Egypt, and Ethiopia, which are potential targets for the company's expansion efforts. While discussing the regulatory environment, Stenslund acknowledged the varying levels of strictness in different African countries. He noted that while some governments may have stricter control over payment systems, there is a growing acceptance of alternative payment channels and methods among domestic payment regulators. Stenslund highlighted the importance of ongoing discussions and collaboration between regulators to facilitate the acceptance of new payment solutions across borders. With a focus on leveraging technological advancements and addressing regulatory challenges, Wirecard South Africa aims to play a key role in driving the digital payment revolution across Sub-Saharan Africa.