Africa’s mobile payment boom demands robust security to safeguard growth

By the end of 2025, mobile payments in Africa are projected to surpass $20bn, fuelled by cross-border remittances, e-commerce and even the explosive growth of mobile gaming. In South Africa alone, over 20 million people engage with mobile games annually, while Nigeria leads the continent in gaming revenue. Yet this rapid digitisation brings escalating risks: cybercriminals are exploiting security gaps, targeting consumers and businesses alike to steal funds, hijack identities, and breach systems. 

The security imperative: Protecting Africa’s digital future

Africa’s success hinges on trust. Without robust safeguards, fraud threatens to undermine the very ecosystems driving economic growth. Consider the stakes: Interpol recently flagged South Africa as a hotspot for cybercrime, with criminals increasingly targeting mobile gaming and payment platforms. Globally, trillions are lost annually to online scams.  The iGaming industry has become an increasingly attractive target for fraud, driven by the growing sophistication of fraud networks and generative AI technologies. In 2024, Sumsub conducted an international survey of 105 senior iGaming compliance professionals, revealing alarming trends: 82.9% of respondents acknowledged a rise in iGaming fraud, with 34.3% reporting a significant surge. Financial losses were equally striking, as nearly half (46.7%) of iGaming companies admitted to losing over 10% of their annual revenue to fraud, while 17.1% reported losses between 5% and 10%. These findings underscore the escalating financial toll of fraudulent activity on the industry. These are figures Africa cannot afford to replicate.  

Regulatory frameworks remain fragmented across the continent, allowing criminals to exploit jurisdictional loopholes. Meanwhile, millions still lack government-issued IDs, complicating traditional verification processes. These challenges demand more than compliance checkboxes; they require proactive, cross-border solutions that balance security with accessibility. 

How KYC builds trust and Thwarts Fraud

At Sumsub, we recognise that security is not a barrier; it’s the foundation of sustainable growth. Our AI-powered Know Your Customer (KYC) solutions are tailored to Africa’s unique needs, combining cutting-edge technology with deep local insights to protect businesses and users. Here’s how we address critical pain points: 

• AI-driven verification for secure access 
  Sumsub’s biometric verification tools enable secure onboarding using facial biometrics or liveness checks. This ensures the presence of the real person behind the screen and prevents account takeovers. 

• Real-time fraud monitoring 
  Our platform employs machine learning to detect suspicious patterns, from money laundering to account takeovers, before they escalate. For gaming and payment providers, this means safeguarding transactions without slowing down user experiences. 

• Cross-border compliance made simple 
  With varying regulations across African markets, Sumsub’s unified platform automates compliance checks, adapting to local laws while maintaining global standards. This eliminates costly fines and operational headaches for businesses expanding regionally. 

• Ongoing risk mitigation 
  Unlike one-time checks, Sumsub continuously monitors user activity, flagging anomalies like sudden changes in transaction behaviour or IP addresses. For industries like gaming, where real-time bets and payouts are common, this 24/7 vigilance is critical. 

Why Africa’s businesses can’t afford to wait 

The cost of inaction is steep. A single data breach can devastate a company’s reputation, erode customer loyalty and trigger regulatory penalties. Conversely, investing in advanced KYC solutions pays dividends: Sumsub clients in Nigeria, South Africa and Kenya have reduced fraud losses while accelerating user onboarding and enhancing user conversion rates.  

Moreover, as African fintechs and gaming platforms scale globally, robust KYC ensures they meet international security benchmarks, attracting partnerships and investment. 

Sumsub’s commitment to Africa

With over 10 years of expertise in tech and compliance, Sumsub is uniquely positioned to secure Africa’s digital leap. Our solutions already empower leading banks, fintechs, and gaming platforms across the continent, combining global best practices with localised adaptability.