Market Coverage: Prime opportunities for global expansion in Rising Economies

Latin America, Africa, and Asia are propelling the global economy.

While residents in these regions benefit from greater access to international brands and enhanced purchasing power through local payment methods, these markets unveil untapped opportunities for companies eager to connect with fresh clientele and extend their global influence. Why?

With growth rates soaring into the double digits and an unparalleled surge in digital consumers, Latin America and the African market collectively harbor around 600 million online shoppers. Meanwhile, in Asia, India's digital commerce sector is expected to amass nearly USD 200 billion in revenue by 2025.

Markets available in Latin AmericaMarkets available in AfricaMarket available in South Asia


Fueling a digital revolution with 300+ million digital buyers and a staggering 20% digital economy growth by 2027, the Latin American market project is booming. The hypergrowth scenario extends to sectors like gaming, e-commerce, streaming, and technology (SaaS), with growth rates up to 3 times the global average.

EBANX currently covers 17 rising markets in LatAm


Home to around 215 million people, Latin America's largest economy and digital commerce market, it's poised for 20% annual online sales growth till 2025. The country also has a high preference for alternative payment methods, such as the instant payment Pix, which propelled the digital market revolution in the country.

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In Latin America's second-largest economy, Mexico's digital commerce realm thrives. With a projected 25% expansion in online sales through 2025, the Mexican market is poised for remarkable growth. There's a rising preference for alternative payment methods, especially among the unbanked, with OXXO (a voucher payment method) being a key financial service.

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Colombia's digital commerce is expected to grow 23% annually till 2025, amplified by a rise in e-commerce penetration from 47% in 2020 to 80% in 2022. The nation's affinity for alternative payment methods acts as a catalyst for digital sales. At the same time, 2022 saw BNPL (Buy Now, Pay Later) solutions spearhead the growth charts, boasting a staggering 208% expansion.

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Chile's digital commerce is set for a solid 19% annual expansion through 2025 since its e-commerce penetration reached 80% in 2022. With an enviable record of banking accessibility, nearly every individual in Chile holds credit and debit cards, with 74.3% of the populace owning bank accounts.

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Embarking on a journey of 21% annual growth till 2025, Peru emerges as a digital powerhouse. Its digitalization prowess outshines even the United States and Canada since the country ranks ahead of the United States and Canada in the UN's Global Digitalization Index.

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As Latin America's fifth-largest digital commerce market, Argentina boasts an impressive 50% annual growth rate, with a robust 77% penetration rate YoY (the third-highest penetration rate in the region).

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Bolivia's evolving market offers entry points amidst economic challenges. With a medium-term growth of 23%, surpassing Latin America's median average, it's a landscape of potential.

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Ecuador boasts 18.1 million people and a thriving digital commerce sector, featuring 38% online user penetration. Cross-border prospects exceed domestic sales, offering solid possibilities for global brands.

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Stable Uruguay shines in Latin America with an equable society, economic stability, and an educated middle class. Digital commerce flourishes there since 70% of adults have made at least one online purchase in 2022.

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Paraguay's digital commerce skyrocketed by 46% in 2022, ranking as the second-fastest-growing Latin American country. With a 49% CAGR through 2021-2025, it leads when it comes to medium-term growth.

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Central America

Central America presents prime opportunities with high internet penetration, surging digital behavior, and a vast addressable market. Despite some distance from digital financial trends, the region leads LatAm with a remarkable 90% growth rate in digital commerce.

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Sources: Beyond Borders 2022/2023  - EBANX & AMI, datapack 2022.

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The African market is the frontier for global brands. With the largest count of mobile money users and the fastest-growing number of digital buyers worldwide, it fosters innovative digital businesses and inclusive economic growth. Projecting 500 million online shoppers with a 40% penetration rate by 2025, Africa's potential is undeniable.

EBANX currently covers 11 rising markets in Africa

The Big Three

South Africa, Nigeria, and Kenya are the digital powerhouses in Sub-Saharan Africa, leading in internet connectivity, population, consumer spending, and digital commerce.

South Africa

South Africa's digital commerce landscape presents promising opportunities. It's poised for growth with robust internet connectivity and a 70% digital payment adoption rate. While digital commerce currently has a 38% penetration rate, the market is on an upward trajectory, reaching almost USD 11 billion in 2022 and projected to grow at a 14% annual rate through 2027. South Africa's thriving digital sectors like gaming, digital content, and SaaS make it an attractive destination for global companies seeking expansion.

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Nigeria, Africa's most populous nation, is at the forefront of financial innovation, poised to drive digital payments and online consumption across the region. Despite starting from a lower digital adoption base, recent regulatory policies have spurred financial innovation and digital payments growth. With over 164 innovation hubs and four unicorn startups, Nigeria is embracing mobile technology with a 65% penetration rate, expanding account ownership and financial access. The proliferation of smartphones, accounting for 44% of all mobile phones, is set to further fuel Nigeria's emergence as a dynamic hub for financial innovation and opportunity.

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Kenya stands out as a prime market for digital commerce, particularly in mobile-centric sectors like gaming, social, and streaming. With digital literacy rates surpassing the African average, Kenya boasts impressive financial inclusion statistics, with 79% of its population having an account and 76% making digital payments. The country's success story in financial inclusion is synonymous with mobile money, exemplified by M-PESA, which has transformed how people transact, with over 90% of adults now using this convenient platform. Kenya's pioneering spirit in mobile money positions it as a lucrative destination for digital commerce players.

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More Prominent Markets

Across Africa, other countries are actively entering the digital commerce arena, leveraging partnerships between public and private sectors. These nations, characterized by increasing internet connectivity, growing mobile money adoption, and tech-savvy youth, present promising prospects for global companies seeking to tap into emerging and expanding markets.


Egypt, Africa's second-largest economy, boasts high mobile and internet penetration rates, driven by a youthful population. The government's push for digital finance, including a local card scheme and incentives for digital wallets, is set to boost online consumption. Financial inclusion has doubled in six years, with 67% of adults having accounts. The digital commerce market is expected to double to USD 17 billion by 2026, fueled by a growing young population with rising disposable income. Alternative payments are crucial, as only 22% of adults have credit or debit cards and cash transactions dominate e-commerce.


Morocco, boasting the highest internet penetration in Africa at 90% and a rapidly growing mobile user base, presents a fertile landscape for digital commerce. As the sixth-largest economy in Africa and a key entry point to the MENA corridor, its proximity to Europe enhances its appeal. With a strong consumer affinity for international brands and a developing digital payment landscape, the market is ripe for alternative payments.


Ghana stands out as a digital leader in Sub-Saharan Africa, particularly in promoting internet access and digital payments. The impressive 87% mobile money penetration, growing at 20% annually, has led to widespread adoption of digital payments by nearly 65% of the population, one of the continent's highest rates. Ghana's government actively supports financial services development through regulatory initiatives, including a 2022 sandbox framework, encouraging innovation and competition. With substantial cell phone penetration, the country is poised for growth in mobile-centric digital sectors like gaming, social, and streaming.

Ivory Coast

Ivory Coast stands as an emerging digital hub in West Africa. As of January 2023, 45.3% of its population had online connection, and the country forecasts a remarkable 44.26% GDP growth from 2023 to 2028. Furthermore, Côte d'Ivoire's strategic location along the Gulf of Guinea provides a gateway to both regional and international markets.


Senegal is rapidly embracing mobile money, with an impressive 62% ownership rate, showcasing widespread awareness. The payments sector is witnessing fierce competition as emerging fintechs like Wave challenge traditional mobile money providers. This competition has driven price reductions and introduced value-added services like credit and virtual cards. With a flourishing economy projected to grow at 7.5% annually until 2027, Senegal is emerging as one of Western Africa's most dynamic markets for digital companies.


Tanzania, Africa's fifth most populous nation, is set for digital commerce growth, driven by robust digitization and steady economic expansion. With a 72% mobile money penetration rate and competitive telecom market, Tanzania promotes affordable internet access and interoperability. Additionally, its vibrant Zanzibar Island startup ecosystem and tech-focused incentives position the country for increased adoption of digital products and services.


Zambia, with its 20 million population, is actively investing in digital infrastructure to enhance connectivity and reduce data costs. Mobile connectivity is surging, with substantial growth in 4G network coverage. Mobile money, owned by 58% of the population, is outpacing traditional banks, fostering digital transformation. As Zambia includes more segments of the population, such as farmers and women, in digital and financial services, the country's digital commerce is set for impressive growth, projected to expand by 16% annually by 2027.


Uganda, mirroring its neighbor Kenya, is making strides in digitization and financial inclusion. With mobile money adoption at 54% and a recent regulatory push for competition, transactions have doubled. Uganda's mobile money ecosystem includes interoperability and value-added services, including interest on balances. Additionally, its role as a leading refugee-hosting nation and a growing tourism industry further contribute to its digital commerce potential.

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South Asia


The most populous country in the world, with 1.4 billion people, boasts a consumer class of 470 million, outpacing the entire U.S. population. Driving South Asia's digital commerce, the country anticipates a remarkable 35% growth by 2025 and a $148 billion market in 2023.

Why India?

Digital Revolution

With over 825 million people online and a strategic government push targeting a billion users within two years, India is undergoing a digital transformation. There are approximately 400 million potential online consumers, and 77.4% of transactions occur via smartphones, characterizing the country's digital revolution.

Payment Transformation

India's payment demonetization yielded a remarkable 309% surge in digital transactions from 2017 to 2021. UPI, the country's real-time and most popular payment method, has been a game-changer, and it is expected to encompass a quarter of all e-commerce transactions by 2026.

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With hypergrowth components, the emerging markets covered by EBANX offer prime opportunities for global brands seeking business development and scalability. Join the opportunities circle and have the leading payments partner for expansion at your side.

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