Brazil’s Fintech company, EBANX, expands business to Africa. The company is expanding outside its home of residence, Latin America, for the first time.
Having been present for over 10 years with over $1 billion (#429 billion) in processed payments, the giant fintech company is focusing on mobile money in Africa.
Speaking on the announcement, CEO and co-founder, Joao Del Valle, said,
“Africa’s fast-growing digital economy is only in its early days. It’s projected to grow up and to the right for the next few decades. Together with local players, EBANX will be a catalyst to realize the many benefits of a digital economy even faster”.
Present in about three African countries (Kenya, South Africa, and Nigeria), EBANX has seen a massive penetration since late August. These three countries alongside Egypt, account for 32% of the continent’s population, and 51% of its GDP. It also accounts for 73% of the startup accelerators present in Africa today.
EBANX’S Partnership with Piperfy
The fintech company is partnering with Piperfy, a low-code platform for workflow management as its payments partner to further penetrate other African countries. Its mission is to center its strategy on collaborations and partnerships with global merchants.
It processes payments for Uber, Airbnb, and over 1,000 digital companies throughout Latin America. Explaining further, Paula Bellizia said after studying the region and getting a deep understanding of its local players, entities, and challenges, they want to dive into “Africa to provide local payments solutions that will help build the digital economy at a rapid space”.
She also added that this will help “drive broader financial inclusion for its population, and also provide greater access to a variety of goods and services from global merchants interested in building their market share there.”
Nigeria’s Benefit from EBANX Expansion
Nigeria will benefit greatly from this expansion as it will be offering USSD and bank transfer services. The USSD service will be a session-based protocol that travels over the GSM signaling channel to query information and trigger services. This will enable customers to pay for their e-commerce shopping.
While the transfer services will enable customers to pay for online purchases quickly and easily without needing a credit or debit card.
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