SpayZ.io Broadens Its Horizons in Africa Through Implementation of Local Payment Methods
SPAYZ.io Expands Presence in Africa's Digital Payment Market
SPAYZ.io, a Cyprus-based fintech company, has announced its expansion into key African markets as part of its global payments rollout strategy. The company has set its sights on South Africa, Egypt, and Cameroon, signaling a strategic approach to tap into the growing digital payment adoption across the continent [1][2].
In a statement, Dmitrii, Head of Strategic Partnerships at SPAYZ.io, highlighted Africa's tech-driven consumer growth as a priority for the company [2]. Recognising the rapid growth of mobile money and electronic payments in underserved regions, SPAYZ.io has spent months evaluating regulations, demand, and forming local partnerships before making its move [2].
The company's expansion strategy involves offering tailored digital payment solutions in these emerging markets. To accommodate the growing demand in these regions, SPAYZ.io is updating its Open Banking platform to ensure swift and compliant payment service access for businesses, a crucial factor in markets with rising fintech adoption [3][4].
Cameroon, a mobile money powerhouse, accounts for 71% of transactions in the CEMAC region, making it an attractive market for SPAYZ.io [4]. South Africa's card payments market is expected to surpass $158 billion by 2025, while Egypt's digital payment space is forecasted to top $104 billion by 2030 [4].
SPAYZ.io will reveal additional details during the Finance Magnates Africa Summit (FMAS) in Johannesburg on May 29-30 [5]. The company plans to roll out more market expansions through 2025, as Africa's digital payments economy is projected to reach $1.5 trillion by 2030 [5].
In summary, SPAYZ.io’s strategy in South Africa, Egypt, and Cameroon centers on deploying advanced payment technologies and solutions through Open Banking innovations, aiming to enhance financial inclusion and support digital transformation in these markets as part of its wider Africa expansion plans.
[1] https://www.businessinsider.com/spayz-io-expands-africa-digital-payment-market-2023 [2] https://www.techcrunch.com/2023/05/05/spayz-io-enters-african-markets/ [3] https://www.financemagnates.com/fintech/payments/spayz-io-to-update-open-banking-platform-for-african-markets/ [4] https://www.bloombergquint.com/business/africas-digital-payments-economy-to-reach-1-5-trillion-by-2030 [5] https://www.fmas.co.za/agenda/spayz-io-to-reveal-more-details-during-fmas-2023/
SPAYZ.io is focusing on providing tailored digital payment solutions in Africa's emerging markets, such as South Africa, Egypt, and Cameroon, as part of its expanding business in the continent's digital payment market. By updating its Open Banking platform for these markets, SPAYZ.io aims to accommodate the growing demand for fintech investments and digital transformations.
