Payments and Open Banking Survey 2022

Unlocking open banking in Africa

The survey is a biannual study of consumers’ payment and open banking references.


The survey is a biannual study of consumers’ payment and open banking preferences. For the first time since its inception in 2018, PwC Africa participated in the study. Respondents were interviewed across three key African economies, namely South Africa (representing the South market), Kenya (representing the East market) and Nigeria (representing the West market). These countries were chosen as they represent the largest economies across each market area.

Of the 1,357 respondents who participated in the survey between September and October 2022, a third said cash was their preferred payment method. In South Africa, the heaviest cash users were youth aged 18 to 25. Half (50%) of respondents said they pay with cash because there is no alternative payment option available, or because merchants ask for it.

A summary of some of the survey’s insightful findings include:

  • Cash leads across Africa at one third of all payments
  • 50% of respondents pay with cash because there is no alternative or the merchant requests it

  • Debit cards are second to cash in South Africa and Nigeria at 27%, while non-bank wallets are in second place in Kenya at 39%

  • 69% percent of Kenyan respondents already pay with mobile phones in store

  • Over 70% of respondents across South Africa and Nigeria use bank cards and EFT for online shopping; 44% of Kenyans use mobile phones

  • 63% percent of respondents pay with their mobile phones in store, or plan to do so in future

  • 28% percent of South African respondents would not open bank accounts with non-banks, compared to 14% of Kenyan and Nigerian respondents

  • A good mobile banking app followed by low-cost cash withdrawals are most important to Africans choosing a bank

  • 39% percent of respondents are not willing to share their data, even for their benefit

The calm before the storm

What subtle changes in consumer mindset tell us about the future of banking

With regard to a bank’s service offering, there are three key factors that are driving the banking experience and that banks are currently challenged with, read more on the European Payments and Open Banking Survey 2022 results here.


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Chantal Maritz

Chantal Maritz

Partner | Payments Transformation Leader, Strategy& South Africa

Tel: +27 (0) 66 229 1202