Ebanx expands to eight more African countries

Highlights

• 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.

Source: Techeconomy

Our TakeawaySo

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.