How to ease the FX challenge when navigating cross-border payments across Africa

The number of enterprises mulling an entry to African markets looks set to rise – and rise – in the next decade.

In a recent report, global management consulting firm IMARC predicted that Africa’s e-commerce market (which hit US$360.7 billion in 2025) will reach US$1,142.2 billion by 2034. Clothing and accessories accounted for the largest market share among African consumers; people across the continent are increasingly using the services of global tech and e-tail giants like Amazon, Starlink, Shein and Temu.

Still, it’s not a foregone conclusion that everyone will rush to claim their slice of the growing African e-commerce pie. There are many issues to consider and plenty of numbers to run. 

Here’s just one:

Forty-two.

That’s how many currencies there are in Africa.

It’s a fairly small number in the grand scheme of things. It’s a big headache, though, for even the most audacious enterprises that are excited about doing business on the continent but are used to thinking and operating in US dollars, Euros, GBP or stablecoins.

‘How do we get paid?’

Howell Magondu, Onafriq’s VP for Partnerships, Global Enterprises and Institutions, points out that the million-dollar question for any global enterprise, no matter its size, when considering whether or not to operate in a market is: How do we get paid?

“A US-based company serving customers across markets like Kenya, Cameroon, and the DRC wants to focus on growing its business—not managing treasury operations or diverse regulatory requirements across multiple markets," says Magondu.

As Africa's digital economy continues to grow, enterprises need trusted payment partners that can simplify complexity, enable local pay-ins and payouts, and provide seamless access to multiple markets through a single integration.

By removing payment friction, businesses can focus on what matters most: scaling their products, serving customers, and driving growth.

Comfort and security

Magondu explains: “We do the heavy lifting for our partners so you can focus on your core business. We give you instant and ever-expanding access to the continent’s many markets, providing stability and transparency in your operations.” 

This sounds simple – and it’s designed to be exactly that for users. But it’s driven by our interoperable omnichannel network and Onafriq’s team of regional experts.

Four things that set Onafriq apart in the pan-African payments space

• Market reach: As Africa’s largest payment gateway, we provide access to 40+ African markets and one billion wallets, enabling our partners to efficiently pay in and pay out in multiple currencies. 

• Single API for multiple market access: Our partners can scale faster to additional markets by integrating with our API. 

• Treasury services: Our presence in multiple markets enables us to offer competitive rates to our partners across different jurisdictions, with settlement options in both FIAT and stablecoins (where regulation permits)  

• Deep market expertise: With 16 years of experience powering payments across the continent and building trusted partnerships, our deep regional expertise across Africa’s many markets makes us the partner of choice for enterprises looking to scale faster.