According to a market report, published by Sheer Analytics and Insights, The Africa freelance payment market was valued at $349.2 million in 2021 and it is expected to reach $14.21 million at a CAGR of 12.9% between 2022 and 2032. Freelancer works as a self-employed. Instead of doing the job for a particular company or organization, a person executes a freelancing job on demand and delivers their services on a contract or project basis. Africa is an under-developed country, where new startups and small, medium and large enterprises are very much eager for the right skill that would help the freelancers to have work and get freelance payment. Hence, they need to get paid by executing work for a client. They can work for multiple clients at the same time and get a reasonable payment. However, there are several payment options available for freelancers in Africa. For freelancers, the payment method should be convenient, faster, and efficient. Payment options such as Transferwise and WorldRemit or wire transfer are easily available for all kinds of freelancers. These are online payment services for freelancers in Africa. Additionally, several freelance payment options are available in the country. These are bank transfers, cash pickup, mobile wallets, or digital payment platforms, among others. Through these options, money can be easily received within minutes.
PayPal is another money transferring platform for freelancers in Africa. While receiving freelance payments from PayPal to a bank account, banks generally have a low exchange rate. Thus, it makes freelancers receive small amounts of money than they should receive. Besides this, many African freelance workers prefer another online payment platform named Payoneer. It is available in more than 150 currencies, and while transferring money, one does not have to give extra charges for currency exchanges. The payments are quick, and when payment has been made it is available within 2 to 6 hours. Thus, African freelancers prefer this kind of payment option, which is easily available across their country. At present days, freelancing job is increasing in Africa, and job seekers are getting benefits from freelancing work. Therefore, they need secure and safe payment options to get their wages in exchange for completing a few projects for multiple clients. These rising factors are estimated to boost the growth of the African freelancing payment market during the forecast period.
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In Africa, if freelancers are looking for ways to get paid by international clients without a website, they can use Flutterwave, Paystack, Skrill, and 2Checkout, among other platforms. Freelancers can also establish payment links on the websites to receive online payments automatically. These above-mentioned online payment websites can easily be integrated into other websites, online shopping carts, and more, which can be useful for freelancers for easy and secure money transactions. Furthermore, international clients can offer payment by buying bitcoin from Cash Application or Coin base. There are other payment options such as Cryptocurrency, which could also help freelancers to receive their payments from international companies or multiple clients. Therefore, these are projected to increase the growth of the African freelance payment market in the upcoming years from 2022 to 2032.
Key players such as Adyen (Netherlands), Amazon (U.S), Airbnb (U.S), ClickBank (U.S), Francisco Partners (U.S), Flutterwave (Nigeria), GrabPay (Malaysia), MoneyGram International Holdings (U.S), MasterCard (U.S), One97 Communications (India), PayPal (U.S), Paystack Payments (Nigeria), Payoneer (U.S), Quickbooks (U.S), RazorPay (India), SendCash (Africa), Stripe (U.S), Skrill (U.K), Visa Inc (U.S), WorldRemit (U.K), Wise Company (U.K), Western Union (U.S), Xero (New Zealand), among others are leading the Africa freelance payment market.
Africa Freelancing Payment Market Has Been Segmented Into:
Africa Freelancing Payment Market – by Payment Mode:
- Digital Payment
- Bank Cards
- Mobile Application
- Crypto Currency
- Others
Africa Freelancing Payment Market – by Deployment Type:
- Cloud
- On-Premises
Africa Freelancing Payment Market – by End-User:
- Arts & Entertainment
- Science and Technology
- IT and Telecom
- Others
Africa Freelancing Payment Market – by Regions:
Africa
- Kenya
- South Africa
- Nigeria
- Morocco
- Others
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