Brazilian fintech EBANX enters Africa

EBANX, a Brazilian payments fintech unicorn, will make its debut in Africa, expanding outside of Latin America for the first time.

With the move, the fintech hopes to capitalise on Africa’s potential as a booming digital payments and payments market in the 2020s. The payment options from EBANX are currently accessible in South Africa, Kenya, and Nigeria.

Paula Bellizia, head of global payments at EBANX, declared: “Africa today brims with economic possibilities. Within its nations, the adoption of digital technology and the consumption of online goods and services have advanced quickly, and the region has seen an influx of investment capital.

EBANX intends to integrate its solutions with regional payment systems throughout the continent by extending its operations there.

The company wants to combine with Instant EFT by OZOW in South Africa, which gives online users access to internet banking so they may send an electronic funds transfer (EFT) that is instantly validated.

Similar to this, EBANX plans to employ M-Pesa, a mobile banking service provider in Kenya that lets users send and receive money as well as conduct online transactions using their mobile devices.

In Nigeria, EBANX plans to interface with USSD, a session-based protocol that aids customers with their online payments. To assist businesses in accepting local payment methods in new areas, EBANX established a partnership with payments company Gr4vy in April of this year.