Visa has made plans to invest $1 billion in Africa over the next five years in order to hasten the continent’s digital transformation.
The plan was unveiled by Visa Chairman and CEO Alfred F. Kelly, Jr. on Wednesday at the US-Africa business forum held in conjunction with the US-Africa Leaders Summit in Washington, DC.
According to Kelly, the investments will help Visa expand its operations in Africa and strengthen its partnerships with key stakeholders like governmental bodies, financial institutions, mobile network operators, fintech companies, and retailers.
The investments are also anticipated to concentrate on supporting the digitization of economies, upskilling, talent development, and capacity building, as well as strengthening the payment ecosystem through innovations and technologies.
Previous investments: Kelly noted that Visa has been making investments in Africa for many years in order to develop a truly local business. However, she insisted that the company’s dedication to the continent is still unwavering. He said:
“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 continuing to work closely with our partners to advance the financial ecosystem, accelerate digitization, and build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”
Emphasizing the need for more investments in digital payments in Africa, he noted that an estimated 500 million people in Africa are without access to formal financial services, less than 50% of the adult population made or received digital payments in Africa, and more than 40 million merchants do not accept digital payments.
Speaking at the forum, Senior Vice President, of Visa Sub-Saharan Africa, Aida Diarra, said:
“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. Over the past years, Visa has continued growing our investment in Africa, through new offices, 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.”
