Brazilian fintech firm EBANX is expanding into eight new African markets.
The firm launched operations in the continent in September 2022 in Kenya, Nigeria and South Africa. It is now adding Egypt, Ghana, Ivory Coast, Morocco, Senegal, Tanzania, Uganda and Zambia to this footprint.
EBANX stated that Africa shows significant potential for digital commerce growth, citing statistics from Insider Intelligence indicating that the number of online consumers in the region is expected to increase by 10% each year until 2027.
“At the same time, only 15% of Africans made an online purchase, according to World Bank data, indicating an emerging market poised for acceleration”, said Andre Allain, VP, partnerships and market development, EBANX.
"According to World Bank data, the high penetration of mobile phones has been the foundation for financial inclusion and digital payments: 83% of the population has a mobile subscription, 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 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," concluded Allain.
“This expansion reinforces our global reach and local depth, our commitment to rising markets and our merchants," said Paula Bellizia, president, worldwide payments, EBANX. “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."