EBANX enters 8 new African markets

Brazilian-founded fintech titan EBANX has unveiled its ambitious plans to extend its operations into eight additional African nations. This significant announcement was made during the seventh edition of the Payments Summit held yesterday in São Paulo.

The fintech powerhouse, which has firmly established itself as a global player, has now cast its gaze upon the African continent, incorporating the Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia into its rapidly expanding fintech ecosystem. EBANX’s foray into these new territories comes on the heels of its highly successful entry into the African market just last September, when it inaugurated operations in South Africa, Nigeria, and Kenya.

With an impressive footprint now covering 11 nations, EBANX asserts that its latest expansion endeavour ensures comprehensive coverage of Africa, encompassing the northern, western, eastern, and southern regions of the continent.

The move by EBANX is underpinned by a strategic vision that recognises the untapped potential of Africa’s emerging digital economy. According to World Bank data, a mere 15% of Africans currently engage in online transactions, signifying substantial room for growth in this nascent market.

The World Bank further reveals that the pervasive use of mobile phones serves as the cornerstone for financial inclusion and electronic payments in the region. A staggering 83% of the population possesses a mobile subscription, while 75% of internet traffic in the African region flows through mobile devices.

In response to these compelling market dynamics, EBANX commented, “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%.”

As part of its strategic outlook, the fintech behemoth relies on Insider Intelligence forecasts, which predict a steady 10% annual growth rate in the online consumer base within the African region until the year 2027. Notable countries such as Tanzania, Ghana, Uganda, and Zambia are emerging as the “next digital frontiers of Africa,” poised to become pivotal growth hubs for digital enterprises. According to Andre Allain, VP of Partnerships and Market Development at EBANX, these nations benefit from “significant mobile phone penetration, low mobile data costs, and a surge in digital services.”

Paula Bellizia, Head of Worldwide Payments at EBANX, underscored the significance of this expansion, stating that it underscores the company’s commitment to both global reach and local depth. She emphasised EBANX’s dedication to emerging markets and merchants, asserting that “Through technology and local payment solutions, we now connect nearly one billion digital buyers in 29 countries across Africa, Asia, and Latin America—three rapidly growing digital regions.”

EBANX’s strategic expansion into Africa not only reaffirms its status as a major player in the fintech arena but also positions it to harness the vast potential of the African digital economy, poised for exponential growth in the coming years.