PayRetailers is expanding its global payments operations from Latin America to Africa, launching services in Rwanda, Tanzania, Uganda, and Zambia. The payments processor aims to support businesses seeking regional growth by providing access to local payment methods like SPENN, Airtel, and MTN.
PayRetailers has highlighted the increasing connectivity and mobility of African markets and payments networks as a key opportunity in the continent. It states that it aims to foster financial inclusion and support business growth regionally.
In the near future, PayRetailers plans to steadily expand its operation in the continent, which is experiencing high growth in the payments industry and has massive potential for merchants looking to diversify and broaden their consumer base. Using the experience gained in LATAM as their guide, the company’s team is well-poised to help businesses thrive faster and more sustainably.
In April 2022, PayRetailers has acquired online payments platforms Paygol in Chile and Pago Digital in Colombia, strengthening its position in the LATAM market and enabling expansion into new territories. These acquisitions brought innovative technologies and financial products that comply with PCI and local regulations.
By leveraging Paygol's and Pago Digital's insights into local markets and payment habits, PayRetailers aimed to promote ecommerce payments and increase financial inclusion for the underbanked in Latin America. The fintechs offer a range of payment options, including digital wallets, enhancing access to international markets and secure, multi-currency payments.
In April 2024, PayRetailers has received approval from the Central Bank of Brazil to operate as a payment institution, allowing it to act as an electronic money issuer and acquirer. This authorisation enables the company to expand its services to consumers in Brazil and cross-border clients.
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