EBANX, the international payments Fintech company, has extended its reach into Africa and two additional Caribbean countries, as part of its ongoing expansion strategy. The company announced during its payment summit in Sao Paolo that it now offers its services in Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia. Moreover, EBANX has expanded into the Bahamas and Jamaica, bringing the total number of countries in which it operates to 29.
The expansion into Africa is strategically significant, as the region is considered the “next digital frontier.” It is projected that the number of online shoppers in Africa will grow by 10% annually until 2027. This growth will be facilitated by the widespread use of mobile phones, with more than 70% of financial transactions in Africa being conducted on mobile devices.
Andre Allain, VP of Partnerships and Market Development at EBANX, commented on the potential of African countries like Tanzania, Ghana, Uganda, and Zambia to become digital growth hubs. He emphasized the favorable factors for digital companies in these countries, such as high mobile phone penetration, affordable mobile data, and an increasing demand for digital services.
In addition to its expansion in Africa, EBANX has also entered the Central American and Caribbean markets. In 2021, the company introduced its services in Costa Rica, El Salvador, Panama, Guatemala, and the Dominican Republic. With its recent entry into the Bahamas and Jamaica, EBANX is capitalizing on the strong presence of card payments in these markets. Debit cards, in particular, account for over 30% of the digital commerce volume in both countries.
EBANX’s expansion into new regions demonstrates its commitment to connecting more consumers and offering its innovative payment solutions to an increasingly global audience. With its presence now spanning across Africa, Central America, and the Caribbean, the company is well-positioned for further growth and success in the fintech industry.
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