dLocal and Digit9 Team Up to Revolutionize Remittances in Africa
dLocal, a leading cross-border payment platform, and Digit9, a payments orchestration platform under LuLu Financial Holdings, have joined forces to enhance remittance services in Africa. This partnership aims to significantly improve the efficiency and speed of international money transfers across the continent, tackling the high costs associated with sending money to African nations.
Streamlining Payments: A Boost for African Markets
The collaboration leverages dLocal’s extensive network to enable Digit9 to utilize local bank rails and popular alternative payment methods (APMs) in five strategic African markets. This integration is crucial in addressing the challenges of fragmented financial infrastructure and limited interoperability of eWallets that often plague cross-border payments within Africa. By streamlining payment processes and offering more payout options through a single platform, the partnership seeks to directly combat the exorbitant remittance fees prevalent in Africa. These fees average around 8.5%, nearly triple the United Nations’ recommended benchmark.
The strategic alliance between dLocal and Digit9 represents a significant step towards providing more affordable and accessible remittance solutions for individuals and businesses across Africa. By simplifying transactions and reducing processing complexities, the partnership will contribute to a more efficient and cost-effective financial ecosystem, ultimately benefiting African economies and users.
Keywords
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