Yesterday, during the seventh edition of its Payments Summit, held in São Paulo, Brazil, Brazilian-founded fintech EBANX announced it is expanding its operations to eight more African countries.
The company’s fintech ecosystem now includes the Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia.
This action, according to the fintech, comes after its profitable entry into the African market in September 2022, when it set up shop in South Africa, Nigeria, and Kenya.
With a presence in 11 nations, EBANX claims that its expansion assures that northern, west, east and southern Africa are all included in its coverage of the African continent.
With only 15% of Africans making online purchases, according to World Bank data, EBANX believes that the emerging market of Africa is poised for acceleration.
Data from the World Bank show that widespread mobile phone use has been the basis for financial inclusion and electronic payments: A mobile subscription is held by 83% of the population, and 75% of internet traffic in the region is conducted through mobile phones.
“This reality is driving the adoption of digital payments: 46% of African adults have already made at least one digital payment, representing a significant increase in less than eight years when penetration was only 23%.”
The company claims that the African continent has enormous potential for the growth of digital commerce, with Insider Intelligence statistics predicting that the region’s online consumer rate would increase by 10% year until 2027.
“Countries like Tanzania, Ghana, Uganda, and Zambia, to name a few, are also positioning themselves among the “next digital frontiers of Africa” and are expected to become the next growth hubs for digital companies,” said Andre Allain, VP, partnerships and market development, EBANX. “The significant mobile phone penetration, low cost of mobile data, and an acceleration of digital services.”
Paula Bellizia, head of worldwide payments at EBANX, stated that this development “reinforces its global reach and local depth, as well as its commitment to rising markets and merchants.
“Through technology and local payments, we now connect nearly one billion people, who are digital buyers from 29 countries in Africa, Asia, and Latin America; three rapidly growing digital regions.”