EBANX enters eight new African nations to boost local payments for global e-commerce, strengthening its presence in emerging markets.
The international software business EBANX, which specializes in payments for developing markets, is extending its reach into eight additional African nations.
After successfully entering the African market in September 2022 and establishing businesses in South Africa, Nigeria, and Kenya, EBANX is now expanding strategically. Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia are the newest nations to join the fintech ecosystem. In these nations, EBANX will handle the preferred local payments for international retailers in the digital economy.
During the seventh edition of its Payments Summit, which took place in São Paulo, Brazil, on September 18 and 20, EBANX revealed the expansion. With this growth, EBANX expands its footprint to 11 nations in Northern, Western, East, and Southern Africa, further consolidating its coverage across the continent.
Paula Bellizia, EBANX’s president of global payments, spoke about the growth, saying, “This expansion reinforces EBANX’s mission to create access, our commitment to rising markets and our merchants, and our global reach and local depth.” We are currently able to link approximately one billion digital purchasers from 29 countries in Africa, Asia, and Latin America—three fast expanding digital regions—with the biggest brands in the world using technology and local payments.
Why is expanding into Africa such a desirable idea?
With a population over one billion, it is anticipated that the percentage of online buyers in the region will rise by 10% yearly until 2027. Meanwhile, World Bank data shows that only 15% of Africans completed an online purchase, pointing to a nascent sector that is expected to grow quickly.
The widespread use of mobile phones has served as the cornerstone for digital payments and financial inclusion. According to World Bank data, 75% of internet traffic in the region is accessed through mobile phones, and 83% of the population has a mobile subscription. The acceptance of digital payments is being driven by this reality: In less than eight years, when penetration was only 23%, 46% of African people have already made at least one digital payment. This is a notable rise.
“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,” said Andre Allain, vice president of partnerships and market development at EBANX.
“With a foothold in 11 African regions, EBANX strengthens its position in these very promising areas that are seeing notable economic growth and rising adoption of digital services. We are dedicated to enhancing our offerings on a constant basis, integrating international brands with all ecosystems, and assisting retailers in reaching out to the entire continent by offering tailored payment solutions for every nation.
