EBANX, a global cross-border payments fintech, has teamed up with Ozow, South Africa’s instant EFT payments provider, expanding their strategic partnership to further 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.
“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.”
Lyle Eckstein, chief product officer and co-founder of Ozow, also added: “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.”
This partnership comes as South Africa’s digital economy continues to expand, fuelled 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 per cent, with the market expected to accelerate by 16 per cent annually through 2026, according to PCMI data in the Beyond Borders study.
Global digital companies launching services across Africa are experiencing strong growth due to the continent’s young, digital-savvy population. With 1.4 billion people and about 60 per cent under the age of 25, Africa’s median age is 18, compared to 38 in North America and 42 in Europe, according to the United Nations in Beyond Borders.
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