In a significant move, PayRetailers, a leading Latin America-based payment processor, has announced its expansion into Kenya and seven other African countries.
This brings the fintech’s total presence in Africa to 12 countries, highlighting its commitment to delivering tailored payment solutions across the continent.
The new markets include Burkina Faso, Cameroon, Ivory Coast, Ghana, Senegal, South Africa, and Nigeria.
Three months ago, PayRetailers launched operations in Uganda, Rwanda, Tanzania, and Zambia, marking a rapid expansion in the region.
Jonathan Vintner, the Global Head of Sales at PayRetailers, expressed enthusiasm about the new markets.
“Expanding into eight new markets marks a significant milestone for PayRetailers as we continue our mission to bring tailored payment solutions to diverse regions,” Vintner stated.
He emphasised the diversity of Africa, noting that payment preferences vary greatly from region to region.
This strategic expansion aligns with a growing trend of Latin American fintechs setting up operations in Africa, driven by the continent’s vibrant economic landscape and the similarities in demographic and business challenges.
In recent months, other fintech companies like Minka and Conduit have also announced their entry into African markets, betting on the region’s growth potential.
Founded in 2017 by Juan Pablo Jutgla, PayRetailers specializes in e-commerce solutions. The company combines advanced technology with local payment methods to cater to the needs of various markets.
In May, the fintech made headlines by acquiring the Brazil-based company Transfeera, which allowed it to bolster its workforce in Brazil to 100 employees, representing a fifth of its global staff.
The move into Nigeria and the other newly added countries comes at a time when the African fintech landscape is booming.
With a population exceeding 1.3 billion and a rapidly growing middle class, Africa presents numerous opportunities for digital payment solutions.
Many African countries are witnessing a surge in e-commerce, which further fuels the demand for effective payment processing solutions.
In Nigeria, for example, the e-commerce market has been on the rise, driven by increased internet penetration and smartphone usage.
This presents a fertile ground for PayRetailers to offer its services, which include payment processing, fraud prevention, and customer support.
As businesses in Nigeria seek efficient payment solutions, PayRetailers is well-positioned to tap into this growing market.
Vintner highlighted the importance of local payment methods, which resonate well with the diverse populations in the countries they are entering.
“Understanding the local context and offering payment solutions that meet the unique needs of consumers in each market is crucial for our success,” he noted.
The expansion into these eight new markets is not just about increasing the company’s footprint; it also signifies a commitment to understanding and integrating into the local economies.
PayRetailers aims to forge strong partnerships with local businesses, enabling them to leverage the fintech’s technology and expertise in payment processing.
As the fintech continues to grow, it is also focusing on providing support for businesses in these regions, ensuring they can navigate the complexities of digital payments.
The company’s aggressive growth strategy includes plans to expand into more countries in Africa and Europe, aiming to capitalize on the growing demand for digital payment solutions.
By establishing a presence in multiple markets, PayRetailers is enhancing its ability to provide cross-border payment solutions, further benefiting businesses operating in various countries.
As the competition in the African fintech space heats up, PayRetailers is determined to stand out by providing tailored solutions that address the specific challenges faced by each market.
