Navigating Regulatory Hurdles in African Payments

A planned acquisition that began with high expectations has taken a unique turn for dLocal, the Uruguayan fintech company. Initially valued around $150 million in 2024, AZA Finance, a Kenya-based cross-border payments provider, was acquired by dLocal in February 2026—but not in the form originally anticipated.

The final transaction involved acquiring specific assets rather than the entire company. For $23.7 million (the value of previously extended debt), dLocal secured:

  • Mint Code Solutions S.A., a Cameroonian payments entity with a local license
  • Intellectual property associated with AZA Finance’s brand and technology
  • Customer relationships across AZA Finance’s African payment operations

According to dLocal executives, regulatory complexities delayed the process, impacting AZA Finance’s growth along the way. However, the acquired assets provide strategic advantages in Cameroon—where dLocal has been operating through mobile money partnerships since 2020—and across Francophone Central Africa.

Why This Acquisition Matters for dLocal

Expanding deeper into African markets is a core element of dLocal’s growth strategy. The region already contributes significantly to the company’s bottom line, accounting for 29% of gross profit in Q1 2026—growing at 16% quarter-over-quarter.

The Mint Code acquisition gives dLocal more than just a local presence; it provides a licensed payments entity, established infrastructure, and customer relationships that would have taken years to build organically. This is particularly valuable in Cameroon, which serves as a gateway to the wider Central African region where regulatory approvals can be challenging for foreign companies.

“It would definitely have taken us a lot longer to build all of that without this acquisition,” said dLocal CEO Pedro Arnt. “Africa remains one of the most compelling regions globally in terms of digital payment adoption and financial inclusion.”

dLocal now holds 38 licenses across 26 markets, with another 16 applications pending—demonstrating its commitment to expanding its footprint in Africa despite the operational complexities.

The evolving structure of this acquisition highlights a key challenge for fintech companies seeking to establish operations in African markets: regulatory hurdles and licensing requirements often take years to navigate, making acquisitions an attractive alternative when possible.