The ATM Industry Association has published a study on emerging payment trends in the rapidly expanding African market.

The emerging payments ecosystem in Africa is one of the most dynamic and fastest-growing in the world, according to an ATMIA news release. The association said that the middle class in Africa will spawn new consumer markets and, with them, the need for a variety of modern payment methods to complement cash. 

With new technologies, a growing middle class, government initiatives, and many drivers towards greater inclusion, Africa’s payment systems are changing rapidly.

In a new white paper, "Emerging payments in emerging markets: Africa," ATMIA looks at payment trends in several of the continent’s major markets.  Produced in conjunction with Calleo, a business-to-business research consultancy, the study describes the growth of various payment systems in Africa — from increasing numbers of cards to the growth of mobile payments and agency networks.

"It’s a dynamic, fast-developing picture of growth in payments, an unfolding story that has only just begun," said ATMIA CEO Mike Lee in the release. "If you want to understand the framework for the future of payments in Africa, Calleo’s paper is a great resource."

According to Calleo managing director Andrew Dean, "The payments industry in Africa is not a single story but rather a mixture of successes and early developments to support in-country and cross-border payments requirements and to foster broader economic inclusion through cash and electronic payments."