EBANX partners with Ozow to launch new services in South Africa

By Delisha Fernandes

EBANX, a global FinTech leader in cross-border payments, has partnered with Ozow, a South Africa-based instant EFT payments provider, to enhance digital payment solutions in South Africa.

The collaboration aims to streamline transactions, support merchants of digital products and services, and cater to the country’s young, tech-savvy population. The announcement was made on Thursday, May 30th, 2024, during an event in Cape Town, South Africa.

“Our enhanced collaboration with Ozow is a testament to our belief in the potential of the South African market,” said Wiza Jalakasi, Director of Africa Market Development at EBANX. “By integrating these advanced payment solutions, we aim to deepen our service offerings and deliver a superior user experience. South Africa’s digital economy is on a rapid growth trajectory, and we are excited to be a part of this evolution, creating access through technology.”

This partnership comes at a pivotal time as South Africa’s digital economy continues to expand, fueled by increasing demand for digital services and the creative economy. The country boasts one of the highest digital commerce penetration rates in Africa at 47%, with the market expected to accelerate by 16% annually through 2026, according to PCMI data in the Beyond Borders study.

Lyle Eckstein, Chief Product Officer and Co-Founder of Ozow, said, “Ozow’s mission has always been financial inclusivity. By joining forces with global powerhouse EBANX, we are taking a giant leap towards that goal. This groundbreaking partnership unlocks the doors to international e-commerce for South African shoppers, empowering them to securely access global brands using our trusted solutions.”

Seamless payments are crucial to unlocking the potential of this continental market, which is expected to surpass China and India and reach 1 billion adults by 2030. EBANX and Ozow are well-positioned to meet this demand and reinforce South Africa’s importance in the African and global digital economies by providing frictionless payment experiences.