Visa has announced intentions to invest $1 billion in Africa over the next five years to drive the continent’s digital transformation.
At the US-Africa business roundtable, which was held in conjunction with the US-Africa Leaders Summit on Wednesday in Washington, DC, Visa Chairman and CEO Alfred F. Kelly, Jr., presented the initiative. According to Kelly, the investments will enable Visa to expand its operations in Africa and strengthen its relationships with key strategic partners like governmental agencies, banks, mobile network providers, fintech companies, and retailers.
Additionally, it is anticipated that the investments will emphasize upskilling, talent development, and capacity building as well as supporting the digitization of economies and improving the payment ecosystem through innovations and technology.
Kelly stated that despite the fact that Visa has been making investments in Africa for many years in order to develop a truly local business, the company’s dedication to the region is still unshakeable. He stated In every nation on the continent, Visa facilitates digital commerce and money transfers on a daily basis, and Africa continues to be a key region for Visa’s long-term growth strategies.
We are eager to continue collaborating closely with our partners to strengthen the financial ecosystem, speed up digitization, and develop resilient, creative, and inclusive economies that will increase shared opportunities and promote Africa’s digital economy.
He emphasized the need for more investments in digital payments in Africa by pointing out that more than 40 million merchants do not accept digital payments and that an estimated 500 million people in Africa lack access to formal financial services. Less than 50% of the adult population in Africa also made or received digital payments.
Aida Diarra, senior vice president of Visa Sub-Saharan Africa, said during the forum that the continent is going through an unprecedented digital acceleration as more and more customers, businesses, and merchants see the value of safe and practical digital payments for promoting trade and money movement. Through new offices, cutting-edge products and services, and initiatives that directly promote financial inclusion, Visa has been increasing its commitment in Africa over the past few years. The investment pledge details our long-term dedication to Africa and the activities we will undertake to assist improve the financial ecosystem.