South Africa’s rapidly expanding e-commerce market has entered a decisive phase where financial execution, not just technology, will determine which businesses succeed, according to Kevin Ssemwogerere, Business Development Head at Rand Merchant Bank (RMB).
Online retail in South Africa is projected to surpass R130 billion, nearing 10 percent of total retail sales after strong growth in 2024 and continued momentum into 2025. The expansion cuts across key consumer categories, including groceries, fashion and beauty, driven largely by mobile adoption and improving delivery reliability. Roughly half of internet users now shop online weekly, underscoring how deeply digital commerce has embedded itself into everyday consumer behaviour.
However, Ssemwogerere notes that while apps and digital storefronts often dominate the ecommerce narrative, the real competitive battleground lies behind the scenes. Each transaction sets off a complex financial process that must function seamlessly—covering payment collection, settlement, reconciliation across channels, liquidity forecasting and regulatory compliance. These responsibilities fall squarely within the remit of corporate treasury.
“Businesses that continue to view treasury purely as a compliance function will struggle to scale,” Ssemwogerere explains. “Those that treat it as a growth enabler will convert rising demand into a sustainable competitive advantage.”
Payments, he adds, have become central to customer retention. South African consumers increasingly favour instant and secure payment methods such as instant EFT and PayShap, alongside growing wallet usage and selective adoption of Buy Now Pay Later options. Industry data shows that a failed payment attempt often results in permanent customer drop-off, elevating payment reliability from a back-office concern to a direct revenue driver.
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As e-commerce accelerates, treasury functions are evolving into architects of financial resilience. This includes real-time liquidity management, granular reconciliation at channel and SKU level, active management of cross-border and foreign exchange risks, and the formation of strong partnerships with banks and fintechs to reduce friction across payment rails.
Looking ahead, Ssemwogerere emphasises that South Africa’s e-commerce growth represents a broader structural shift in the economy. Success will depend on collaboration between regulators, financial institutions, technology providers and businesses. In this environment, treasury teams must balance flexibility with compliance while leveraging data and partnerships to deliver resilient, customer-centric payment experiences.
“Treasury is no longer just keeping pace with e-commerce,” he says. “It is shaping its future.
