Brazilian-founded fintech EBANX is expanding its operations to eight more African countries.

EBANX announced the development, yesterday, during the seventh edition of its Payments Summit, held in São Paulo, Brazil.

The fintech says this move follows its successful entry into the African market in September 2022, when it established operations in South Africa, Nigeria, and Kenya.

Ivory Coast, Egypt, Ghana, Morocco, Senegal, Tanzania, Uganda, and Zambia have all now joined the company's fintech ecosystem.

With a footprint in 11 countries, EBANX says this expansion ensures its coverage across the African continent reaches northern, west, east, and southern Africa.

According to the company, the African continent has significant potential for digital commerce growth, with the rate of online consumers in the region predicted to expand by 10% each year until 2027 (per Insider Intelligence statistics).

"At the same time, only 15% of Africans made an online purchase, according to World Bank data, indicating an emerging market poised for acceleration," it continued.

"According to World Bank data, the high penetration of mobile phones has been the foundation for financial inclusion and digital payments: 83% of the population has a mobile subscription, and 75% of internet traffic in the region is conducted through mobile phones.

"This reality is driving the adoption of digital payments: 46% of African adults have already made at least one digital payment, representing a significant increase in less than eight years, when penetration was only 23%."

"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, partnerships and market development, EBANX.

“This expansion reinforces our global reach and local depth, our commitment to rising markets and our merchants," said Paula Bellizia, president, worldwide payments, EBANX. “Through technology and local payments, we now connect nearly one billion people, who are digital buyers from 29 countries in Africa, Asia and Latin America; three rapidly growing digital regions."