dLocal keeps expanding African footprint, granted payment service licenses for Kenya and Rwanda
dLocal’s ability to directly process local payments will enable international merchants to accept payments, regardless of the platform, benefiting buyers and sellers
MONTEVIDEO, Uruguay — May 23, 2023 — dLocal Limited (NASDAQ: DLO, “dLocal”), a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets, today announced the Central Bank of Kenya and the National Bank of Rwanda granted dLocal their respective payment service licenses. The new payment service licenses come on the heels of dLocal’s intention to fuel growth in this region, as merchants continue to signal strong demand in these markets. Also, the Central Bank of Nigeria had granted dLocal a payment service license.
The payment service licenses allows dLocal to facilitate payments and improve the technological experience for their merchant customers. dLocal now can process local payments quickly and easily directly through acquiring banks or institutions without relying on a third-party provider and while ensuring regulatory compliance.
Africa is forecast to surpass half a billion eCommerce users by 2025, which will have shown a steady 17% compound annual growth rate (CAGR) of online consumers for the market. “Africa continues to show tremendous untapped e-commerce opportunity, and people in Kenya, Nigeria and Rwanda are encouraged to use digital payments more often by new regulations and payment opportunities,” said Adebiyi Aromolaran, Head of Expansion Africa at dLocal. “The regulatory payment framework in emerging countries varies significantly. Receiving payment service provider licenses in all three countries, Kenya, Nigeria, and Rwanda are great milestones in our mission to be a truly local payment partner for our global merchants, and the licenses advance our objective to leverage the scalability of our technology to broaden our geographic footprint in Africa.”
With dLocal, international merchants are able to accept cash, mobile money, locally issued cards, Visa and Mastercard debit, credit and prepaid cards, thanks to the “One dLocal” concept (one direct API, one platform and one contract).
dLocal powers local payments in emerging markets connecting global enterprise merchants with billions of emerging market consumers across APAC, the Middle East, Latin America, and Africa. Through the “One dLocal” concept (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market. For more information, visit https://dlocal.com