AFRICA – Brazil’s payments FinTech Ebanx is expanding beyond its Latin American roots for the first time and bringing its digital solutions to Africa.

Founded in Brazil, Ebanx spent 10 years expanding to 15 Latin American countries and is now focusing on Africa, which it believes is the next big growth frontier for digital payments and the digital market.

“This is the moment for Africa, and it’s quite reminiscent of the Latin American landscape back in 2012 when Ebanx first began its journey by providing global merchants access to sell more goods and digital services via the internet to Latin Americans through local payment methods,” João Del Valle, CEO and co-founder of Ebanx, said in a press release.

“Africa’s fast-growing digital economy is only in its early days, and it’s projected to grow up and to the right for the next few decades.

“Together with local players, Ebanx will be a catalyst to realize the many benefits of a digital economy even faster.”

In Africa, many areas are disconnected from the global digital economy because of poor telecommunications networks, and there is a need to support companies that build critical infrastructure to increase network coverage and internet access. 

Organizations like the International Finance Corporation (IFC), a sister organization of the World Bank, have been helping on that end, PYMNTS reported earlier this week.

A high level of mobile penetration and consumption in African countries positions the region to be the “next frontier” for digital, since mobile devices and digital money transfers are the foundation for banking access and financial inclusion, per the release.

“Africa is now bursting with growth potential. Digital adoption and consumption of online goods and services have accelerated rapidly within its countries, and investment capital has been pouring into the region,” said Paula Bellizia, president of global payments at Ebanx.

“After studying the region and building a deep understanding of its local players, entities, and challenges, we are diving into Africa to provide local payments solutions that will help build the digital economy at a rapid pace, drive broader financial inclusion for its population, and provide greater access to a variety of goods and services from global merchants interested in building their market share there.”

Flutterwave to process eNaira

MeanwhileFlutterwave merchants can now process payments in eNaira, the Nigerian digital currency issued and distributed by the Central Bank of Nigeria. This aligns with our commitment to providing the best payment experience for businesses everywhere.

The eNaira joins the robust list of payment options available on Flutterwave. Merchants can now enable the eNaira payment option for collection from their customers via API and Checkout.

Flutterwave merchants can now enable the eNaira payment option on their dashboard for their customers’ use. To complete transactions on Flutterwave, users can either scan QR codes or generate one-time tokens using the app.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said that only around 700,000 customers have opened an eNaira wallet since they debuted in 2021, even though there are around 55 million bank accounts in the country.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE