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As U.S. and U.K. companies expand into new markets around the world, they are quickly finding that while the e-commerce purchasing model may translate easily to many cultures, payment systems do not. Money is personal and so is the way we exchange it. That’s as true for different cultures as it is for individuals.
So, while credit cards may be the payment of preference in the U.S., in most of the world that system is literally foreign. For example, in Africa as many as eight in 10 financial transactions are still made in cash, according to a study by global management consulting firm McKinsey. As Africa becomes one of the hottest emerging markets in the world, finding a way to bridge the desire for global goods and the preference for localized payment methods may spell the difference between success and failure for e-commerce sites. By 2025, e-commerce in Africa is predicted to rise to $75 billion in annual revenue or 10% of retail sales.
That’s why MallforAfrica, a leading homegrown African e-commerce app, utilizes local payment methods and addresses security and delivery concerns through its partnership with global shipping leader DHL. For African consumers, MallforAfrica translates to the best of Western goods with the ease of the payment systems they know and use already. The e-commerce powerhouse offers the convenience of the most prestigious U.S. and U.K. brands delivered to their doorstep or a local pickup location, with the convenience and trust of African-centric payment systems.
MallforAfrica makes it turnkey for U.S. and U.K. retailers to tap into one of the fastest growing emerging markets in the world, while speaking the local financial language and without the overhead for creating a platform designed for cultural and market preferences.
Founded in 2011, MallforAfrica (MFA) is a unique proprietary e-commerce platform that enables African residents to access US and UK consumer retail sites. With its proprietary patented platform and guaranteed payment system, African consumers have access to over 8.5 billion items, while ensuring payment to vendors and handling all transaction fees. MallforAfrica is proud to be currently operating with more than 250 of the best retailers in the world in 17 African countries.
