According to the United Nations’ definition, the region of Western Africa consisted of 16 nations with a combined population of over 466 million people. Nigeria and Ivory Coast are the largest economies in the region.
Massive infrastructure investments are starting to pay off in the region: mobile and internet connections are rapidly becoming accessible by the residents in the region. Internet users amongst the population more than doubled in the last years, and it is estimated that over 90% of the combined adult regional population have access to mobile phones. The E-commerce market is expected to grow 21.8% (CAGR), starting from a valuation of 38.3 billion USD already today. By 2029, the E-commerce market is expected to be valued at over 84.3 billion USD.
Payments landscape in the region reveal that cards are not a popular way to pay as the bank account availability remains relatively low, only about 35% of the regional population is banked. Instead, the common and preferred method of online payment is through Mobile Payment solutions, wallets and cash on delivery.
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Population 466.5 M -
Land size 6,064 M KM² -
GDP 687.5 Bn USD -
Median age 18.2 Yr
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E-commerce market revenue 38.3 Bn USD -
E-commerce growth 21.8%
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People with mobile phone (% age 15+)94.6%
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People with internet access (% age 15+)54.9%
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People with bank account (% age 15+)34.8%
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People with debit or credit card (% age 15+)23%
- Mobile Money users (144.7 M)
- Total population >15 years
Here are some possibilities in Western Africa that should not be missed:
● Nigeria has the biggest E-commerce market in Africa, with over 25.6 billion USD. It is not unexpected as the country is also the most populous country in Africa and home to over 237.5 million people. Learn more about opportunities for your business in Nigeria.
● Ivory Coast (Côte d’Ivoire), the second largest economy in the region, has an E-commerce market volume of over 3 billion USD and is expected to grow and reach over 7.5 billion USD by 2029. The telecommunications network and expanding internet user base in Côte d’Ivoire have prepared the foundation for the growth of E-commerce.
