ASX-listed Zip Co Limited (ASX: Z1P) has announced its intention to fully acquire South African buy now pay later (BNPL) fintech Payflex as part of its global expansion plans.

South African fintech firm Yoco has secured $83 million (R1.2 billion) in Series C funding, amid a surge in demand for its digital payment solutions among African small businesses.

Online merchants in SA which offer a buy now pay later (BNPL) payment option are achieving up to 30% higher average order values from their customers, larger purchases and significant revenue increases through more sales conversions.

Paystack, which powers businesses with its payment API and is actively present in Nigeria and Ghana, is announcing its official launch in South Africa.

South African fintech Peach Payments has netted additional investments to capitalise on accelerated ecommerce growth over the last year.

The pandemic and its associated lockdowns have highlighted the take-up of mobile banking services and other digital platforms, and sped up the adoption of digital banking technology and services by a couple of years.

Multiple factors have combined to bring African countries to an ecommerce adoption tipping point, creating more opportunities than ever for online and omnichannel merchants.

It’s worth asking how much utility super apps can provide and whether consumers and merchants should embrace them.

It has been a year of reckoning: a year that lit a fire beneath online payments in South Africa, transforming ecommerce while creating immense economic pressure.