Global payments FinTech Ebanx is expanding beyond its Latin American roots for the first time and bringing its digital solutions to Africa.
Founded in Brazil, Ebanx spent 10 years expanding to 15 Latin American countries and is now focusing on Africa, which it believes is the next big growth frontier for digital payments and the digital market.
“This is the moment for Africa, and it’s quite reminiscent of the Latin American landscape back in 2012 when Ebanx first began its journey by providing global merchants access to sell more goods and digital services via the internet to Latin Americans through local payment methods,” João Del Valle, CEO and co-founder of Ebanx, said in a press release Wednesday (Sept. 14).
“Africa’s fast-growing digital economy is only in its early days, and it’s projected to grow up and to the right for the next few decades,” Del Valle continued. “Together with local players, Ebanx will be a catalyst to realize the many benefits of a digital economy even faster.”
See also: Beyond VCs, Public Investments Further Africa’s Digital Transformation Agenda
In Africa, many areas are disconnected from the global digital economy because of poor telecommunications networks, and there is a need to support companies that build critical infrastructure to increase network coverage and internet access. Organizations like the International Finance Corporation (IFC), a sister organization of the World Bank, have been helping on that end, PYMNTS reported earlier this week.
A high level of mobile penetration and consumption in African countries positions the region to be the “next frontier” for digital, since mobile devices and digital money transfers are the foundation for banking access and financial inclusion, per the release.
Read more: Brazil Is a Carnival of LatAm Digital Payments Innovation
“Africa is now bursting with growth potential,” said Paula Bellizia, president of global payments at Ebanx. “Digital adoption and consumption of online goods and services have accelerated rapidly within its countries, and investment capital has been pouring into the region.
“After studying the region and building a deep understanding of its local players, entities, and challenges, we are diving into Africa to provide local payments solutions that will help build the digital economy at a rapid pace, drive broader financial inclusion for its population, and provide greater access to a variety of goods and services from global merchants interested in building their market share there.”
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