Brazil-based fintech company EBANX has partnered with instant EFT payments provider Ozow to support South Africa’s digital payments landscape. The collaboration aims to streamline transactions and support merchants of digital products and services in the country.

In the official announcement, representatives from EBANX expressed confidence in the South African market and emphasised the integration of advanced payment solutions to improve service offerings and user experience. Officials from Ozow chimed in and highlighted the partnership's role in promoting financial inclusivity and enabling South African shoppers to access global brands securely through trusted solutions. The context of this partnership According to the official press release, this partnership is timely as South Africa's digital economy continues to grow, driven by increasing demand for digital services and the creative economy.

The country has a high digital commerce penetration rate of 47%, with the market expected to accelerate by 16% annually through 2026 according to PCMI data in the Beyond Borders 2024 study. Africa's young, digital-savvy population presents significant opportunities for global digital companies. With 1.4 billion people, Africa's digital industries are outpacing global averages, particularly in software as a service (SaaS), delivery apps, digital ads, and streaming, as reported in the EBANX Beyond Borders 2023 study.

Furthermore, seamless payments are crucial for unlocking the potential of the African market, which is expected to surpass China and India in size by 2030. EBANX and Ozow aim to meet this demand and reinforce South Africa's importance in the African and global digital economies by providing frictionless payment experiences. .