EBANX, the global tech company specialising in payments for rising markets, is expanding its operations to eight more countries across the African continent.
This strategic expansion by EBANX follows its successful entry into the African market in September 2022, when it established operations in South Africa, Nigeria, and Kenya. The new countries added to the fintech ecosystem are Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia, where EBANX will process the preferred local payments for global merchants in the digital economy.
EBANX announced the expansion during the seventh edition of its Payments Summit, which ran from 18 to 20 September in São Paulo, Brazil. With this expansion, EBANX consolidates its coverage in the African continent, extending its footprint to 11 countries, including Northern, Western, East and Southern Africa.
Paula Bellizia, president of global payments at EBANX, discussed the expansion: “This expansion reinforces our global reach and local depth, our commitment to rising markets and our merchants, and EBANX’s mission to create access. 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, to the world’s largest brands.”
Why is Africa such an attractive proposition for expansion?
It is expected that the rate of online shoppers in the region will increase by 10 per cent annually until 2027 – in a population that exceeds 1 billion people. At the same time, only 15 per cent of Africans made an online purchase, according to data from the World Bank, indicating an emerging market that is poised for acceleration.
The high penetration of mobile phones has been the foundation for financial inclusion and digital payments: 83 per cent of the population has a mobile subscription, and 75 per cent of internet traffic in the region is conducted through mobile phones, according to World Bank data. This reality is driving the adoption of digital payments: 46 per cent of African adults have already made at least one digital payment, a significant increase in less than eight years when penetration was only 23 per cent.
Andre Allain, VP of partnerships and market development at EBANX, explained: “The significant mobile phone penetration, low cost of mobile data, and an acceleration of digital services are also positioning countries like Tanzania, Ghana, Uganda, and Zambia among the ‘next digital frontiers of Africa’, to name just a few, that are expected to become the next growth hubs for digital companies.
“With a footprint of 11 markets in Africa, EBANX consolidates its presence in the region, in markets with immense potential that are experiencing remarkable economic growth and increasing digital services penetration. We are committed to continuously improving our services and connecting global brands with all ecosystems, helping merchants approach the whole continent with specific payment strategies for each country.”
Image and article originally from thefintechtimes.com. Read the original article here.