Here’s why LatAm fintechs are expanding to Africa

by Tech Cabal
0 comment 1 minutes read

People who buy things or services online in Africa are growing by 8.2% every year—the highest in the world, and some of the biggest Latin American fintechs are taking notice.

When dLocal, a fintech from Uruguay announced its expansion to Ghana, Kenya, Cameroun and Senegal in 2020, Adebiyi Aromolaran, Head of Expansion described Africa as “a tremendous untapped e-commerce opportunity,” with “huge potential for growth with an under 40% penetration rate.” When Brazil’s EBANX announced its African entry last September, CEO and co-founder, João Del Valle pointed out that the decision was supported by the fact that “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.”

Optimism for growth prospects in digital payments is not the only thing these two Latin American fintech giants share. dLocal’s plan to empower global merchants to reach billions of customers and accept…

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