Ebanx expands to eight more African countries
1 min Read September 26, 2023 at 10:57 AM UTC
- A year after its African debut in three markets, EBANX, a global payment technology company targeting emerging markets, has expanded into Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia.
- The move, according to the fintech, comes after its profitable entry into the African market in September 2022, when it set up shop in South Africa, Nigeria, and Kenya.
- With this expansion, EBANX consolidates its coverage in the African continent, extending its footprint to 11 countries, including Northern, Western, East, and Southern Africa.
Africa’s digital commerce potential is substantial, with online shopper growth projected at 10% annually until 2027 in its one-billion-strong population, as per Insider Intelligence. However, only 15% of Africans have made online purchases, signifying a burgeoning market ready for players like Ebanx. Mobile phones play a pivotal role in financial inclusion and digital payments, with 83% of the population having mobile subscriptions and 75% of internet traffic routed through mobiles, as reported by the World Bank. This environment is propelling digital payments, with 46% of African adults having engaged in at least one digital payment, a notable surge from 23% in under eight years.
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