Ebanx, a Brazilian fintech company has announced its expansion into Africa, eyeing mobile money in the continent which now has a growing consumer base and needs for digital payments.
- The fintech aims to replicate its fast-growing digital payment business in Africa. It has rolled out operations in Kenya, South Africa, and Nigeria, beginning in late August to meet the rising demands for mobile money transactions.
- Ebanx will initially focus on mobile money, that is enabling users to exchange and store money on their mobile phones. With a digital economy at $115 billion at estimates, Paula Bellizia, a global payment executive with Ebanx claims there is a trend of e-commerce in Africa, the same way it happened in Latin America eight years ago and that digital payments will leverage digital commerce in Africa.
- Ebanx aims to reach an agreement with major e-commerce stores to provide payment services in Africa. At the moment, it will compete with fintech companies like Flutterwave, Opay, Yellow Card Financial, Yoco, Palmpay, and Cellulant among others operating in Africa.
- The fintech platform offers payment solutions with 100 plus payment methods and settlements anywhere in the world. It enables merchants to integrate its API into their systems and facilitates payments in 15 markets including Brazil, Mexico, Argentina, Chile, Colombia, Peru, and others.
- The merchants using Ebanx's solution include AliExpress, Shopee, SHEIN, Wish, WordPress, Canva, PlayStation, Tencent, Uber, and Airbnb among others.