dLocal expands footprint with regulatory licenses to operate in 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. Coverage by Techcabal here.
LAGOS, Nigeria, May 23, 2023 — dLocal Limited (NASDAQ: DLO, “dLocal”), a technology-first payments platform connecting global enterprise merchants with billions of consumers, is pleased to announce that the Central Bank of Kenya and the National Bank of Rwanda have granted dLocal their respective payment service licenses. This comes after the Central Bank of Nigeria granted dLocal a payment service license.
dLocal remains committed to fueling growth in the African region, as merchants continue to signal strong demand in these markets. The licenses will further facilitate payments and improve the technological experience for their merchant customers. It also means that dLocal can now process local payments in Kenya and Rwanda, quickly and easily without relying on a third-party provider, while ensuring regulatory compliance.
“Africa is forecast to surpass half a billion e-Commerce users by 2025, which will have shown a steady 17% compound annual growth rate (CAGR) of online consumers for the market,” Adebiyi Aromolaran, Head of Expansion Africa at dLocal explained. “The continent continues to show tremendous untapped e-Commerce opportunity, and people in Kenya, Nigeria and Rwanda are encouraged to use more and more digital payments every day by new regulations and payment opportunities.”
Following the recent implementations of CBN’s “Cashless” policy and the launch of its national domestic card scheme, AfriGo, dLocal is already set to take center stage in Nigeria. The granted PSP licenses in Kenya and Rwanda are equally just as significant.
“The regulatory payment framework in African emerging countries varies immensely. 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,” Adebiyi added.
Kenya is one of the fastest-growing economies in Africa, making it an attractive market for international merchants looking to expand their customer base. Meanwhile, Rwanda’s startup ecosystem ranks in Africa’s top 10, and its capital city, Kigali, ranks 2nd in East Africa. The potential of its e-commerce market is projected to reach 5.89m users by 2027.
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).
About dLocal
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.