Global digital payments company, Visa, plans to invest $1 billion in Africa over the next five years as it positions itself to take advantage of the continent’s digital transformation.
Visa mentioned that it wants to position itself as a fintech partner of choice for enterprises across the continent and plans to increase its products and footprint by 2027.
According to Visa, its investments will go to advance resilient, innovative, and inclusive economies across the continent. The pledge was announced during the U.S-Africa Business Forum, alongside the US-Africa Leaders Summit in Washington DC in December 2022.
Represented by the CEO Alfred F. Kelly Jr., Visa stated that over the next 5 years, the company plans to further scale its operations in Africa and deepen collaboration with strategic partners. These partners include a diverse set of players including:
- Financial institutions
- Mobile network operators
The company’s investments will also focus on strengthening the payment ecosystem through new innovations and technologies, supporting digitization of economies, and investing in upskilling, talent development, and capacity building.
“Africa is experiencing an unprecedented digital acceleration, with a growing number of consumers, merchants and businesses realizing the benefits of secure and convenient digital payments to fuel commerce and money movement,” said Aida Diarra, Senior Vice President, Visa Sub-Saharan Africa.
“Over the past year, Visa has continued growing our investment in Africa, through new offices, new innovations and solutions, and programs that are directly supporting financial inclusion. The investment pledge outlines our long-term commitment to Africa and the work we will do to help advance the financial ecosystem,” added Diarra.
Visa has recently made significant strategic investments to advance its Africa expansion, including establishing local operations for the first time in the Democratic Republic of Congo, Ethiopia and Sudan.
In 2022, the company unveiled the first dedicated Visa Sub-Saharan Africa Innovation Studio, in Nairobi, Kenya. The studio is meant to provide a state-of-the-art environment to bring together clients and partners to co-create future-ready solutions.
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