SpayZ.io Increases Presence in Africa Through Integration of Regional Payment Methods
In a strategic move to tap into Africa's burgeoning digital payments landscape, fintech company SPAYZ.io is set to expand its operations into South Africa, Egypt, and Cameroon.
The company, based in Cyprus, has identified these three countries as key growth areas, aiming to deploy tailored payment solutions that cater to the unique needs of each market. These solutions will include support for EFT bank transfers, a common method in South African transactions, and Mobile Money, a widely used payment method across African markets.
South Africa's card payments market is projected to surpass $158 billion by 2025, making it an attractive entry point for SPAYZ.io. Cameroon, a mobile money powerhouse, accounts for 71% of transactions in the CEMAC region, providing a solid foundation for SPAYZ.io's expansion into this market.
While details about Egypt are less forthcoming, the inclusion of this country in the broader African rollout indicates SPAYZ.io's ambition to build a pan-African presence by addressing country-specific payment preferences and infrastructure gaps.
SPAYZ.io's expansion strategy reflects a focus on localizing payment technologies, offering comprehensive platforms that enable varied transaction types favoured in African markets, and targeted entry into major economies and gateways.
Dmitrii, Head of Strategic Partnerships at SPAYZ.io, emphasized that the company doesn't rush expansion but instead builds it, spending months evaluating regulations, demand, and forming local partnerships in each market.
Africa's digital payments economy is projected to reach $1.5 trillion by 2030, making it a priority for SPAYZ.io due to its tech-driven consumer growth. Egypt's digital payment space is forecasted to top $104 billion by 2030, further underscoring the potential of the African market.
Additional details about SPAYZ.io's expansion plans will be unveiled during the Finance Magnates Africa Summit (FMAS) in Johannesburg on May 29-30. The company's global positioning across Europe, Asia, and Africa also supports leveraging cross-regional expertise to drive growth and simplify payment acceptance in these emerging digital payment ecosystems.
By focusing on underserved regions where mobile money and electronic payments are rapidly gaining traction, SPAYZ.io is poised to make a significant impact on Africa's digital payment landscape.
SPAYZ.io's expansion into South Africa, Egypt, and Cameroon showcases a strategic business move to capitalize on Africa's growing digital payments economy. In these markets, the fintech company plans to offer tailored payment solutions, catering to EFT bank transfers in South Africa, Mobile Money across Africa, and addressing country-specific preferences in Egypt.
