Visa moves to invest $1bn in Africa to accelerate digital transformation
A world leader in digital payments, Visa, has pledged to invest $1 billion in Africa by 2027 to scale operations, deploy new innovative technologies and deepen collaboration with its partners.
The Visa Chairman, Mr Alfred Kelly, made the pledge in a report from the U.S-Africa Business Forum on Wednesday.
Kelly said the $1 billion investments over the next five years would advance resilient, innovative and inclusive economies across the continent.
He said that the pledge would further scale Visa’s operations in Africa and deepen collaboration with strategic partners, including governments, financial institutions, mobile network operators, fintechs and merchants.
The Visa Chairman said the investments would also strengthen the payment ecosystem through new innovations and technologies, supporting digitisation of economies and investing in up-skilling, talent development and capacity building.
“Visa’s expanded investments demonstrate the company’s long-term commitment to Africa’s growth potential.
“It will help enable greater access to digital payments as an entry point for formal financial services for individuals and merchants.
“Visa has been investing in Africa for several decades to grow a truly local business and today, our commitment to the continent remains as firm and unwavering as ever.
“Everyday, Visa supports digital Commerce and money movement in every country across the continent and Africa remains central to Visa’s long-term growth plans.
“We look forward to continuing to work closely with our partners to advance the financial ecosystem, accelerate digitisation and to build resilient, innovative and inclusive economies that will create shared opportunity and further spur Africa’s digital economy,” he said.
Also,the Senior Vice President, Visa Sub-Saharan Africa, Mrs Aida Diarra said that in line with the company’s corporate purpose to be the best way to pay and be paid, these investments would facilitate additional opportunities to expand financial inclusion.
According to her, Visa is dedicated to empowering small and women-led entrepreneurship in Africa through its operations and community programs.
“Today, an estimated 500 million people in Africa are without access to formal financial services, less than 50 per cent of the adult population made or received digital payments in Africa, and more than 40 million merchants do not accept digital payments.
“Africa is experiencing an unprecedented digital acceleration, with a growing number of consumers, merchants and businesses realising the benefits of securing and convenient digital payments to fuel Commerce and money movement.
“Expanding financial inclusion is critical to long-term economic prosperity; we are proud to have worked with financial and public sector partners to launch new initiatives.
“We look forward to continuing to support programmes that advance inclusion and prosperity, while introducing new innovations designed for consumers and businesses across Africa,” Diarra said.
