Visa Vows to Invest $1 Billion Towards Africa Digital Transformation

Visa, a global payments company, has pledged to invest $1 billion in Africa over the next five years.

The announcement was made at the ongoing US-Africa Business Forum in Washington, DC, alongside the US-Africa Leaders’ Summit.

Visa has ten African offices from which it accepts payments in all 54 countries.

The financial services provider says in a statement that the pledge is to expand its African operations, deploy new innovative technologies, and deepen collaboration with partners across the continent.

Furthermore, increased investments will assist it in providing greater access to digital payments as an entry point for formal financial services for individuals and merchants.

According to Visa Chairman and CEO Alfred F Kelly Jr., the investments will focus on strengthening the payment ecosystem, supporting economic digitisation, and investing in upskilling, talent development, and capacity-building.

“Visa has been investing in Africa for several decades in order to grow a truly local business, and our commitment to the continent remains as firm and unwavering as ever,” Kelly Jr. says.

“Every day, 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 working closely with our partners to advance the financial ecosystem, accelerate digitisation, and build resilient, innovative, and inclusive economies that will create shared opportunity and further boost Africa’s digital economy.”

With an estimated 500 million Africans lacking access to formal financial services, the company notes that the investments will also be used to facilitate additional opportunities for financial inclusion.

According to Aida Diarra, senior VP for Visa Sub-Saharan Africa, “Africa is seeing an unparalleled digital acceleration, with a rising number of consumers, merchants, and enterprises realizing the benefits of secure and convenient digital payments to fuel commerce and money flow.”

“Visa has increased its investment in Africa over the past year through new offices, fresh ideas and solutions, and initiatives that directly promote financial inclusion. The investment pledge shows our commitment to Africa over the long term as well as the initiatives we will take to improve the financial environment.

Leila Serhan, senior VP for Visa in North Africa Levant countries and Pakistan, adds, “Expanding financial inclusion is vital to long-term economic growth, and we are delighted to have worked with financial and public sector partners to establish new projects such as She’s Next.”

“We look forward to launching new ideas created for consumers and businesses across Africa, while continuing to support programs that encourage inclusion and prosperity.”