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The Cellulant's $47.5 million investment

Business Day continues the examination of the mammoth capital raise by Cellulant, an African digital payments provider with operations in Kenya and Nigeria. That success by the team could be more than what some state governments in Africa could raise in a year. The leading business newspaper quoted me in the piece, making it exciting.

Ndubuisi Ekekwe, a technology expert, told BusinessDay that the deal further confirms that digitizing African payments is the future of economic growth.

“It is clear there is only one path; moving to digital payment. That is why they are putting money in payment. it is a growth area,” Ekekwe said.

He noted that 98 percent of consumer-to-consumer transactions are still cash-based, representing opportunities ahead to be tapped.

“If they can move from 2 percent digital payment penetration to 50 percent of the $301 billion, they would be earning about $4.5 billion on fees if the average commission is 3 percent