Sebastian Kanovich is the co-founder and CEO of dLocal. The company has a platform that provides cross-border payments to customers and clients. The organization helps online businesses in the US and Europe to expand into new markets. dLocal announced that it would branch into other countries in Africa to gain new clients. Some of the countries include Senegal, Kenya, Cameroon, Ghana, Egypt, and Nigeria.
The expansion came as a result of the $200 million funding that dLocal received. In addition to that, the company partnered with Egypt and Nigeria to make the project successful. Typically, Verve in Nigeria and Fawry in Egypt are working with dLocal as the primary payment providers in Africa. Numbers show that dLocal supports about 47 million local Verve cards and tokens. The company has a massive presence in over 21 countries in Africa that use the payment platform.
dLocal Acceptance and Its Uniqueness in the African Market
According to Sebastian Kanovich, the company has gained ground in Africa. For starters, he says that dLocal is transparent to customers, gaining their trust. The organization enables Africans to make digital payments through local methods online. It also supports conversion rates by including payment methods that most people use in the region. In that regard, the project will succeed since it is meeting customer needs.
In a statement, the CEO said that dLocal is unique in the market. It stands out because it utilizes API integration for different payment habits and preferences. Additionally, it has extensive coverage that features multiple payment methods. The best part is that dLocal partners with other firms to ensure that customers transact seamlessly.
Challenges and Prospects
When it comes to challenges, Sebastian Kanovich stated that the primary one is the cash-reliant systems in Africa. Most people don’t bank the money; they prefer to use cash. Additionally, internet infrastructure is still a problem in some regions. Typically, not all people have embraced technology.
The prospects that the CEO sees for digital payment in Africa are endless. In Kenya, Mpesa came into being and has transformed the economy. It is one of the largest mobile money networks across the globe. Therefore, there are high chances of dLocal thriving in African countries as well.
Success and Company’s Vision
So far, dLocal has succeeded in South Africa, Egypt, and Nigeria. It works with local partners to solve payment challenges. The good news is that dLocal is now spreading its wings to Kenya, Cameroon, Ghana, and Senegal. It is a milestone for the company that seeks to satisfy unmet needs in the financial realm. According to Sebastian Kanovich, his company will soon venture into Asia as well.
The organization’s vision is to flourish in emerging markets. Its goal is to bridge the tech gap that exists between emerging economies and developing countries. The primary reason is that online shopping has become popular. Thus, digital payments are utterly crucial in Africa to carry out the transactions. dLocal intends to focus on emerging markets since it is snowballing for mobile users and e-commerce.