$1 billion investment in Africa to accelerate digital transformation

During the United States-Africa Business Forum, Visa announced that it is committing to invest $1 billion in Africa over the next five years to advance resilient, innovative and inclusive economies on the continent.

This commitment at the USA-Africa Business Forum, on the sidelines of the USA-Africa Leaders Summit in Washington, DC, was highlighted by Visa Chairman and CEO Alfred F. Kelly, Jr, VISA said in a statement, expressing its desire to strengthen its business in Africa and deepen its collaboration with its strategic partners, including governments, financial institutions, mobile network operators, fintechs and merchants.

Thus, investments will be focused on strengthening the payment ecosystem through new innovations and technologies, supporting the digitalization of economies and investing in upskilling, talent development and capacity building. , says the company.

» Visa has invested in Africa for decades to build a truly local business, and today our commitment to the continent remains as strong and unwavering as ever. “, said Al Kelly, president and CEO of Visa, quoted in the press release.

» Every day, Visa supports digital commerce and the movement of money in every country on the continent, and Africa remains at the heart of Visa’s long-term growth plans. We look forward to continuing to work closely with our partners to advance the financial ecosystem, accelerate digitalization and build resilient, innovative and inclusive economies that will create shared opportunities and further boost Africa’s digital economy.” , he added.

In line with Visa’s corporate goal of being the best way to pay and get paid, these investments will facilitate additional opportunities to expand financial inclusion, the company says, noting that it is dedicated to empowering small businesses and women-led businesses in Africa through its community-based activities and programs.

Today, VISA estimates that 500 million people in Africa lack access to formal financial services, less than 50% of the adult population has 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 growing numbers of consumers, merchants and businesses realizing the benefits of secure and convenient digital payments to power commerce and money movement “said Aida Diarra, Senior Vice President, Visa Sub-Saharan Africa, also quoted in the statement.

» Over the past year, Visa has continued to grow its investment in Africa, through new offices, new innovations and solutions, and programs that directly support financial inclusion. The investment pledge underscores our long-term commitment to Africa and the work we will do to help advance the financial ecosystem “, she added.

For her part, Leila Serhan, Senior Vice President, Visa North Africa Levant and Pakistan felt that “ expanding financial inclusion is critical to long-term economic prosperity, and we are proud to have worked with financial and public sector partners to launch new initiatives such as She’s Next “.

Among the significant strategic investments made recently by VISA to advance its expansion in Africa, the company cites the establishment of local operations for the first time in the Democratic Republic of Congo, Ethiopia and Sudan to help support and strengthen the local financial ecosystem. Visa has 10 offices in Africa from which it supports payments in all 54 countries.

Also, VISA announced the unveiling of the first Visa Innovation Studio for Sub-Saharan Africa, in Nairobi, Kenya, to provide a state-of-the-art environment to bring together customers and partners to co-create payment solutions and future-ready commerce as well as the introduction and expansion of new technologies that help African consumers and merchants make and receive digital payments, such as Tap to Phone which can turn a simple mobile phone into a payment, as well as the reduction of remittance costs thanks to innovative solutions such as Visa Direct.

Also, VISA is launching new programs to support women’s empowerment with financial partners, including She’s Next, which provides funding, mentoring and networking opportunities for women entrepreneurs leading growing SMEs in Egypt, in Kenya, Morocco and South Africa, in addition to working with partners to advance financial education in multiple languages, including the first Arabic version of Practical Money Skills in Egypt.

Previous Post Next Post