EBANX, Brazilian payments unicorn, announced that it has expanded its presence in Africa by setting up operations in eight more countries namely Côte d’Ivoire, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia. This strategic expansion comes on the heels of EBANX’s successful foray into the African market in September 2022, when it initiated operations in South Africa, Nigeria, and Kenya.
Besides Africa, the fintech firm also revealed its plans for further expansion across Latin America and the Caribbean during the summit. This expansion includes the inclusion of the Bahamas and Jamaica in its portfolio, bringing its presence to a total of 17 Latin American countries and 29 countries worldwide, including the recent addition of India.
“This expansion reinforces our global reach and local depth, our commitment to rising markets and our merchants, and EBANX’s mission to create access. Through technology and local payments, we now connect nearly 1 billion people that are digital buyers from 29 countries in Africa, Asia and Latin America, three rapidly growing digital regions, to the world’s largest brands.”
Paula Bellizia, President of Global Payments at EBANX.
EBANX is commencing its operations in these nations, along with Ivory Coast and Senegal, by introducing mobile money as a payment option for global merchants. In the case of Egypt and Morocco, the fintech is launching its operations with cash-based payment methods, which are widely preferred in digital commerce. Egypt, being the second-largest economy in Africa, boasts above-average mobile phone and internet penetration rates.
Simultaneously, 73% of the Egyptian population remains outside the formal banking system, with a mere 3% possessing credit cards, as reported by the World Bank Global Findex 2021. In contrast, Morocco boasts the highest internet penetration rate in the region, reaching 90% according to Euromonitor. Additionally, there is a growing prevalence of mobile phone usage, fostering a conducive environment for the growth of digital commerce. This market is projected to attain a volume of USD 5 billion by the conclusion of this year, as per Statista Market Insights.
“With a footprint of 11 markets in Africa, EBANX consolidates its presence in the region, in markets with immense potential that are experiencing remarkable economic growth and increasing digital services penetration. We are committed to continuously improving our services and connecting global brands with all ecosystems, helping merchants approach the whole continent with specific payment strategies for each country,”
Andre Allain, VP of Partnerships and Market Development at EBANX
EBANX’s entry into the Bahamas and Jamaica aligns with the fintech’s broader foray into Central America and the Caribbean, which commenced in 2021 with its expansion into Costa Rica, El Salvador, Panama, Guatemala, and the Dominican Republic. This move also signifies a period of stabilization in the Caribbean’s digital market, where cross-border commerce plays a dominant role, representing 80% of online sales. The geographical proximity to the United States and a legacy of tourist traffic contribute to the region’s familiarity with global brands, further accelerating this trend.
