Visa has pledged to invest $1 billion in Africa over the next five years to advance inclusive and innovative economies across the continent. The investment will help expand access to digital payments as an entry point for expanding formal financial services for individuals and merchants. The investment will focus on scaling Visa’s operations in Africa, deepening collaboration with strategic partners, strengthening the payment ecosystem, and investing in upskilling, talent development, and capacity building.
The pledge was announced by Visa Chairman and CEO Alfred F. Kelly, Jr. during the U.S-Africa Business Forum in Washington, DC. Visa’s commitment to Africa remains firm, and the company plans to work closely with its partners to advance the financial ecosystem, accelerate digitization, and build resilient, innovative, and inclusive economies that create shared opportunity and further spur Africa’s digital economy.
Visa is dedicated to empowering small- and women-led entrepreneurship in Africa through its operations and community programs. With an estimated 500 million people in Africa without access to formal financial services, less than 50% of the adult population making or receiving digital payments, and over 40 million merchants not accepting digital payments, Visa’s investment aims to expand financial inclusion and facilitate additional opportunities.
Visa has made significant strategic investments in Africa to advance its expansion, including establishing local operations for the first time in the Democratic Republic of Congo, Ethiopia, and Sudan, unveiling the first dedicated Visa Sub-Saharan Africa Innovation Studio in Nairobi, Kenya, and launching new programs to support women’s empowerment together with financial partners, including She’s Next.
The company is working with partners to advance financial literacy in several languages, including the first Arabic version of Practical Money Skills in Egypt. Visa is committed to supporting programs that advance inclusion and prosperity, introducing new innovations designed for consumers and businesses across Africa. Visa believes that expanding financial inclusion is critical to long-term economic prosperity and is proud to have worked with financial and public sector partners to launch new initiatives such as She’s Next.
Source: africamoneydefisummit.com