Nuvei study reveals South Africa key market business growth

A report highlights opportunities in e-commerce growth and cross-border trade.

Juan Jorge Soto, General Manager of Nuvei Latam. Photo: Nuvei Latam. Portal ERP Sputh Africa. 

Nuvei, a Canadian financial technology company, has released the second edition of its study High-Growth Market Expansion Guide, identifying Brazil and South Africa as key markets for digital payment adoption.

According to the report, Brazil is the largest e-commerce market in Latin America, with a projected transaction volume of $585.6 billion by 2027. In 2024, the sector reached $346.3 billion. South Africa’s e-commerce industry is also expanding rapidly, with an annual growth rate of 18% and an expected valuation of $15.8 billion by 2027.

"Brazil's market is dynamic and ever-evolving. The widespread adoption of PIX highlights how digital payment solutions are revolutionizing online transactions for consumers. We've also observed a rise in consumer expectations for e-commerce services in Brazil. While advancements in logistics have notably shortened delivery times, they've also raised the bar for what consumers expect," said Juan Jorge Soto, General Manager Nuvei Latam.

Colombia is emerging as a fast-growing e-commerce market. The first edition of Nuvei’s study estimated that the country’s e-commerce sector will double in value by 2027, reaching $80.8 billion. Cross-border e-commerce is also expected to grow, reaching $10.7 billion by the same year.

South Africa’s Expanding Digital Market

South Africa’s e-commerce sector is growing at 18% annually, driven by increased internet penetration and mobile commerce adoption. Around 70% of online purchases are made via mobile devices, supported by improved access to mobile data plans and greater trust in digital platforms.

Cross-border e-commerce is also on the rise, with an estimated annual growth rate of 24%, reaching $2.9 billion by 2027. Consumer demand for international products—especially in fashion, electronics, and luxury goods—has led to increased purchases from foreign platforms. However, international retailers face challenges such as high shipping costs and long delivery times when competing in this market.

According to Colombia’s Ministry of Foreign Affairs, South Africa is the country’s main trade partner in Africa, with growing opportunities in sectors like food exports. Some Colombian companies already have production facilities in South Africa, and digital payment platforms like Nuvei could help expand business operations in the region.