AI Set to Transform B2B Transactions in Africa – Richmond Ogigai

The future of Business-to-Business (B2B) payments in Africa is undergoing a dramatic shift, with Artificial Intelligence (AI) emerging as the key driver of innovation, according to Richmond Ogigai, Co-founder of WallX Africa.

Speaking on the rising impact of AI in the payment ecosystem, Richmond Ogigai described the current trend as “a wake-up call to all payment and business actors to begin to look at a few possibilities on how A.I can shape the B2B payment ecosystem and new possibilities that can and will surely emerge.”

He noted that B2B payments across Africa remain largely manual, time-consuming, and prone to errors. However, the integration of AI is beginning to transform the landscape by automating invoice processing, payment routing, fraud detection, reconciliation, and cash flow forecasting.

AI-powered solutions, Richmond explained, are enabling businesses to optimize payment terms, improve creditworthiness, and reduce risks. “We are slowly beginning to see the emergence and practical need to pay deeper attention to B2B transactions performed by startups, enterprises or businesses of all sizes. Africa cannot be left out not because of the potential or population,” he stressed.

Market projections also paint a promising picture. Data from Frost & Sullivan shows that Africa’s B2B transaction volumes grew from \$100 billion in 2020 to \$152 billion in 2023. With a compound annual growth rate (CAGR) of 15%, the volumes are projected to hit \$306 billion by 2028. Analysts attribute this surge to increased digital transformation, connectivity, and evolving business ecosystems across the continent.

Richmond, who has over 13 years’ experience in business, finance, product management, and IT infrastructure, emphasized that AI will not only deliver faster and more secure transactions but also enhance financial management and customer experience.

“With AI at the helm, the future of B2B payments in Africa is poised for accelerated growth. Businesses that position themselves early will reap the benefits of smarter, more efficient, and more secure financial transactions,” he concluded.

WallX Africa, a 500 Global portfolio company, provides digital B2B payment security infrastructure that protects businesses worldwide from fraud, payment diversions, and unauthorized transactions. Through its AI-powered PayCodes, WallX ensures that funds reach their intended destination securely and reliably.”