LatAm's dLocal, iTransfer partner on cross-border payments in Nigeria
TLDR
- Partnership between dLocal and iTransfer tackles currency volatility and inefficiencies in cross-border payments
- Collaboration aims to provide competitive rates, real-time currency updates, and greater flexibility for users
- Initial rollout supports bank transfers and wallet payments in Nigeria, the Philippines, and Pakistan with plans for further expansion into Bangladesh, Morocco, Egypt, and India.
dLocal, a cross-border payment platform from Uruguay, has partnered with iTransfer, a money remittance company, to tackle the challenges of currency volatility and inefficiencies in cross-border payments within emerging markets.
This collaboration aims to provide competitive rates, real-time currency updates, and greater flexibility for users, focusing on mitigating currency risks and enhancing the efficiency of transfers.
The initial rollout of this service will support payouts for bank transfers and wallet payments in Nigeria, the Philippines, and Pakistan. dLocal also plans to expand this service to other countries, including Bangladesh, Morocco, Egypt, and India.
Key Takeaways
This follows a growing trend of Latin American fintech companies entering the African market. In 2022, EBANX launched operations in 11 African countries, and in 2020, dLocal expanded into West Africa and Kenya. This is logical given the similar challenges faced by both regions—over 350 million African adults lack access to financial institutions and rely solely on cash transactions. Fintechs like Minka, EBANX, and dLocal provide platforms for Africans who wish to purchase global products but are hindered by the fact that some global merchants do not accept their preferred payment methods, such as mobile money or cash. These fintechs offer solutions by enabling global merchants to accept local African payments, thus bridging the gap between local payment preferences and global commerce.
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