Latin America’s biggest payment processor, PayRetailers, has announced its expansion into Africa with coverage across four countries, Rwanda, Zambia, Uganda, and Tanzania.

A statement by its Chief Operating & Digital Officer, Lorenzo Pellegrino, said by expanding into Africa will offer customers a unified payment solution that will be a game changer for cross-border online merchants looking at Africa as their next move for strategic growth.

He said to strengthen its presence in the continent, PayRetailers is activating its payment processing functions that will “offer a simple, user-friendly, and scalable experience to businesses looking to grow their regional operations and give them access to major local methods like SPENN, Airtel, and MTN.”

“This market is increasingly connected and mobile and destined for strong growth, which is why PayRetailers, in its mission to increase financial inclusion and continue supporting business growth in emerging markets, has decided to activate its networks in the region and drive this exciting era of prosperity,” Pellegrino said.

“As a part of our strategic expansion, we are extending our coverage to four markets in Africa, at least to start with. Over the coming months, we plan to steadily expand our operation in the continent, which is experiencing incredible growth in the payments industry and has massive potential for merchants looking to diversify and broaden their consumer base.

“Using the stellar and continuous growth we have experienced in LATAM as our guide, we are well-poised to help businesses thrive faster and more sustainably.

“We recognize the immense potential and significance of venturing into these dynamic markets.

“Each new addition to our market coverage is a gateway into untapped opportunities and strengthened partnerships, ensuring our sustained growth and global relevance.

“Our imminent expansion into additional countries across West, North, and Southern Africa underscores our commitment to empowering our clients and connecting them with diverse consumer bases across the continent.

“From May onward, businesses will be able to operate in the region using PayRetailers for their online users, representing a major milestone for its client portfolio and its innovation strategy for 2024,” the statement said.

To facilitate the delivery of an additional 90,000 kilometres of fiber optic cable for universal internet access throughout Nigeria, the Federal Government has approved a special-purpose vehicle.

An SPV is a distinct legal entity established for a particular purpose or undertaking. In this case, the SPV will oversee the execution, budget, and day-to-day operations of the fiber optics project.

In a statement released on Tuesday, Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, said that the project will maximize the utilization of eight underwater cables that have already touched down in Nigeria and boost the country’s internet access infrastructure.

According to him, the project is anticipated to boost Nigeria’s fibre optic cable capacity from 35,000 km to 125,000 km, placing it third in length among terrestrial fibre optic backbones in Africa, after Egypt and South Africa.

Tijani stated that for the past few months, the ministry had started laying the foundation for the SPV, which would be modelled after some of the best public-private partnership setups in Nigeria, like NIBSS and NLNG, in terms of administration and operations.

The minister explained, “This extensive coverage will enable us to optimise the unique benefit of having eight submarine cables already landed in Nigeria and, therefore, drive uptake of the data capacity that the cables offer beyond the current usage level of 10 per cent.

“Building on our existing work with the Broadband Alliance, this increased connectivity will help plug the current non-consumption gap by connecting over 200,000 educational, healthcare and social institutions across Nigeria, ensuring that a larger section of our society can be included in the benefits of internet connectivity.”

Approximately 71% of Nigerians do not regularly have access to mobile internet, according to a research released last week by the Groupe Special Mobile Association.

With the correct policies in place, Nigeria may gain 15 million Internet users by 2028. It was also stated that without universal access to digital connection, a more comprehensive digital transformation of the Nigerian economy would not be feasible.

The report stated, “While 29 per cent of Nigerians are regularly using mobile internet, there remains untapped potential; 71 per cent are not accessing these services regularly.

“An improved policy environment has the potential to help the industry boost coverage and adoption, resulting in 15 million additional internet users by 2028. However, the sector faces challenges to infrastructure deployment”.