Cross-border payments fintech, EBANX, has agreed an expanded strategic partnership with South Africa-based instant EFT payments provider, Ozow.

The collaboration will 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, 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."

S Africa: digital commerce to grow by 16% per year to 2026

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%. The market is expected to accelerate by 16% annually until 2026.

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% under the age of 25, Africa's median age is 18. This compares to 38 in North America and 42 in Europe.

Digital industries in Africa are outpacing global averages. In SaaS, for example, 25% annual growth by 2026, vs 21%. In delivery apps by 21% vs 9%, digital ads (17% vs 11%), and streaming (14% vs 11%).

"EBANX strengthens partnership with Ozow to empower South Africa’s digital economy" was originally created and published by Electronic Payments International, a GlobalData owned brand.

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