Payments technology platform dLocal has announced the expansion of its network to include Nigeria and South Africa.
The company, which focuses on cross-border payments for emerging markets, utilises a proprietary API-based payments technology platform which supports over 300 local payment methods in 17 countries.
“Nigeria and South Africa each have their own unique commerce environment, so it’s critical for merchants looking to access these markets to take a localized approach to their payments strategies,” commented Sebastian Kanovich, CEO of dLocal.
Following dLocal’s recent expansion, merchants that wish to sell in Nigeria will now be able to accept credit and debit card payments from Visa, Mastercard, and Verve, along with online bank transfers with a range of other financial institutions.
Furthermore, merchants will be able to offer QR codes at checkout to be scanned with the payer’s mobile banking app from Access Bank, Diamond Bank, PCMB, Fidelity Bank, First Bank, GTBank, SCB, and Zenith Bank.
In South Africa, merchants will be able to accept credit and debit card payments from Visa and Mastercard, along with online bank transfers with Absa, Investec, Standard Bank, Nedbank, Capitec, and FNB.
“According to our research South Africa is one of the most advanced countries on the continent when it comes to eCommerce and mCommerce,” added Kanovich.”
“And While Nigeria is still cash dominant, the country’s cashless initiative is expected to drive growth for eCommerce and digital payments services in the near future.
“We are pleased to be able to offer access to these countries for our clients to take advantage of the incredible opportunity these markets present.”
dLocal boasts a portfolio which includes the top five emerging markets in the world by population (Brazil, China, India, Indonesia, and Mexico).
The addition of Nigeria and South Africa expands the total market available to dLocal’s 450 clients to an estimated $170 billion.