Choosing the Right Payment Gateway System: Your Key to Growth and Faster Scaling

Payment-related issues are a leading cause of online shopping cart abandonments, according to research from the Baymard Institute. Among shoppers, 25% abandon their carts because they don’t trust the site with their card information, 22% due to a complicated checkout process, 13% because there weren’t enough payment methods, and 9% because their credit card was declined.

In today’s interconnected market, its significance has evolved beyond being tools for processing transactions; they have transformed into strategic enablers for enterprises that want to expand their presence globally. For global digital services providers or enterprise-level establishments going into emerging markets such as Africa, choosing the right payment gateway system can significantly influence your potential for success or hinder your ability to scale fast.

Why is selecting the best payment gateway so influential?

Africa’s financial landscape is as diverse as its regions, with varying preferences and systems across markets. In some countries, mobile money dominates, while others lean toward card payments or cash. To scale effectively in this environment, businesses must choose a payment gateway that accommodates this diversity while addressing key operational needs.

The right payment gateway isn’t just about processing transactions—it’s about enabling growth. Can your gateway support the unique preferences of each market? Can it empower your customers to pay how they choose—whether through mobile wallets, cash, cards, or bank transfers? Does it offer fast and simple settlements in the currency of your choice, minimising friction for your business?

By paying attention to specific factors when deciding on the right payment gateway for your business, you can ensure that your customers have a reliable and trustworthy payment experience. At the same time, you’ll set your business up to scale efficiently.

Let’s explore the key considerations that matter most—and why they’re essential for your success.

Security as the foundation for scaling:
To scale fast, start with robust security

When discussing payment gateway systems, security is a topic of utmost importance. Security entails safeguarding customers' sensitive information, such as credit card numbers, bank account details, and personal information. A robust security framework not only protects your customers but also builds trust, which is critical for business growth. Without trust, scaling becomes an uphill battle.

Why does security matter?

• Brand Trust: When users have no doubts about the security of the transactions they make on a platform they are more likely to complete payments and even return to the platform for future payments.
• Fraud Prevention: Advanced payment gateways make use of fraud detection systems powered by machine learning and AI to effectively detect and address suspicious activity in real-time.
• Compliance: Regulatory standards like PCI DSS (Payment Card Industry Data Security Standard) guarantee that payment systems comply with stringent security standards.

The need for adaptability in Africa's payment systems:

Various payment preferences characterise Africa's financial ecosystem, and making informed decisions when selecting a payment gateway is critical. A one-size-fits-all approach simply doesn’t work here. By tailoring your payment system to meet specific needs, you position your business to unlock new opportunities, improve customer satisfaction, and scale effectively across the continent.

Why understanding the landscape matters

Each African region operates within a unique financial ecosystem shaped by varying levels of infrastructure, technology, and consumer behaviour. Here’s an example of why these differences are crucial for your strategy:

• Kenya and East Africa: Since 2007, mobile money platforms like M-Pesa have dominated in East African countries such as Rwanda, Uganda, Tanzania, and Kenya. Your gateway must integrate seamlessly with mobile wallets across schemes to remain competitive.

• South Africa: The prevalence of bank cards demands a gateway that supports traditional financial methods.

• Zimbabwe: Although located in southern Africa, the reality differs. Ecocash has been integral to the country's financial system since 2011.

• Nigeria: Cash payments are still a major player, so offering flexible options like cash-to-digital services is very important.

Offering customers the flexibility to pay how they choose enhances trust and loyalty, improves conversion rates, and positions your business for long-term growth.

Understanding these regional variations and adapting your payment systems accordingly isn’t just a technical decision—it’s a strategic move that unlocks Africa’s vast growth and customer engagement potential.

Navigating the multi-currency payments:

Expanding across multiple countries means managing payments in various currencies, which can quickly become complex and burdensome. A payment gateway that consolidates settlements into a single currency simplifies operations and removes significant overhead for enterprises.

With Onafriq’s multi-currency support, businesses can serve local users in their preferred currencies—whether Ghanaians pay in cedi or Nigerians pay in naira—while enjoying streamlined settlement in one currency of their choice. This approach reduces friction in multi-country payment collections and frees you to focus on scaling confidently.

Onafriq’s value proposition lies in our unequalled understanding of the African payments system and our robust network, which make us more than just a payment processor but a growth enabler for organisations looking to thrive in the African market.

The future of payments in Africa: A gateway to growth

Africa’s payment landscape is changing fast, and the opportunities to scale are endless. However, managing payments across diverse markets requires more than a basic system—it takes a partner who understands this continent's uniqueness.

Onafriq isn’t just a payment gateway; we’re a partner in your growth. With 500 million mobile wallets, 200 million bank accounts, and 35+ live BINs in our network, we connect businesses to millions of potential customers. In Nigeria alone, our 460,000 agents make it easier for enterprises to reach consumers and enable transactions in even the most remote areas.

Choosing the right payment gateway isn’t just about processing transactions. It’s about creating trust, building loyalty, and preparing your business for growth. With Onafriq, you can confidently grow your business, tap into Africa’s potential, and scale with ease.