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Ozow, a digital payment fintech, announced that it has processed R1-billion in transactions for the first time in November with Black Friday 2020 sales significantly contributing.
Black Friday contributes to SA fintech reaching R1-billion process transitions
The local fintech attributes their new record to a large Black Friday 2020 transaction. Reportedly, a transaction of over R500 000 was made on a popular eCommerce platform during Black Friday. In addition, the global pandemic has largely contributed to the shift in consumers opting for online shopping.
In an official press release, Thomas Pays, CEO and co-founder of Ozow explains that alternative payment solutions are becoming more available and accessible as more consumers shift to shopping online.
“It’s astounding to see how popular instant payment solutions have become. A growing number of South Africans are using instant payments because of its sheer ease of use and security. Digital payments have also help drive financial inclusion by opening up the online shopping universe to people who don’t have debit or credit cards.”
Founded in 2014 by a trio of entrepreneurs, Thomas Pays, Mitchan Adams, and Lyle Ecksteinand, Ozow aims to restructure the digital economy in Africa.
According to reports, Africa has tripled its number of digital payments incurred across the continent, indicating that the growth of digital payments is on the rise.
With two local and popular eCommerce companies, Takealot and Superbalist, opting for Ozow’s unique payment server, the fintech has established itself as a household name in digital payments.
Pays explains that the growth of Ozow has been exponential and the fintech contributes to the financial revolution in the African economy.
“When we enable people who do not have debit or credit cards to pay online, we draw people into the mainstream economy. This isn’t just changing the commerce landscape. It’s changing people’s lives and we are so grateful to be part of this financial revolution”.
Featured Image: Thomas Pays, Co-Founder and CEO of Ozow via Ozow’s website