dLocal and Digit9 Team Up for Increased Cross-Border Payment Efficiency in Significant African Markets
In a significant move, dLocal, a leading platform connecting global merchants to emerging markets, and Digit9, a cross-border payments orchestration platform, have joined forces to enhance payment infrastructure in Africa. The collaboration focuses on five key African markets, where the integration aims to reduce delays and improve payout efficiency via local and alternative payment methods.
The partnership is designed to help Digit9 overcome common payout challenges, including fragmented infrastructure and limited eWallet interoperability. By integrating with dLocal, Digit9 will utilize local bank rails and alternative payment methods (APMs) in these markets, providing a more seamless cross-border payment solution.
Agustin Botta, VP of Sales EMEA at dLocal, emphasized the importance of local relevance in cross-border payments, especially in diverse and fast-growing markets like Africa. He stated, "The partnership strengthens service quality on the ground, helping recipients access funds through the methods they use most."
Joseph Cleetus, Vice President of Business Transformation at Lulu Financial Holdings, Digit9's parent company, highlighted Africa's importance in their growth strategy. He said, "Partnering with platforms like dLocal enables us to offer more dependable payouts in key African countries."
The partnership is expected to enhance payment solutions in these markets, potentially increasing the reach of payment services. This initiative seeks to streamline and speed up cross-border payouts, leveraging Digit9's cross-border payment orchestration platform to enhance dLocal's offering.
Remittance costs to Africa, on average, are 8.5%, which is almost triple the UN's recommended benchmark of 3%. This partnership could potentially lower these costs, making transactions more affordable for millions of people.
The partnership between dLocal and Digit9 signifies a significant step towards improving cross-border payment infrastructure in Africa. By addressing the gap in efficiency and locally integrated solutions, the partnership aims to expand payout offerings in key African markets, making it easier and faster for people to send and receive payments across borders.
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- This collaboration between dLocal and Digit9, aiming to streamline and speed up cross-border payouts, leverages the power of technology to bridge infrastructure gaps in Africa, particularly in the area of local bank rails and alternative payment methods (APMs) for more efficient transactions.
- By partnering with dLocal, Digit9 will not only overcome challenges related to fragmented infrastructure and limited eWallet interoperability but also potentially lower remittance costs to Africa, making transactions more affordable for millions, thereby contributing positively to local businesses and the economic growth of the continent.
