International payments Fintech EBANX has expanded its operations into Africa and two additional Caribbean countries.
According to a statement by the company, EBNAX now offers services in Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia. At the same time, EBANX is now available in the Bahamas and Jamaica. The expansion was announced during the firms’ payment summit in Sao Paolo.
In total, EBANX is now operating in 29 countries worldwide with the potential to connect a billion consumers.
EBANX describes Africa as the “next digital frontier,” as it is expected that the rate of online shoppers in the region will increase by 10% annually until 2027. This will be aided by the high penetration of mobile phones, with more than 70% of money moving in Africa taking place on a phone.
“The significant mobile phone penetration, low cost of mobile data, and an acceleration of digital services are also positioning countries like Tanzania, Ghana, Uganda, and Zambia among the ‘next digital frontiers of Africa’, to name just a few, that are expected to become the next growth hubs for digital companies,” said Andre Allain, VP of Partnerships and Market Development at EBANX.
The expansion into Central America and the Caribbean began in 2021 with Costa Rica, El Salvador, Panama, Guatemala, and the Dominican Republic. EBANX reports a strong presence of cards in online sales in the Bahamas and Jamaica, with debit cards accounting for over 30% of digital commerce volume.