To accelerate digital transformationduring the US-Africa Business Forum, Visa announced plans to invest $1 billion in Africa by 2027 to grow its business, implement innovative new technologies and strengthen cooperation with partners.
During the United States-Africa Business Forum, Visa (NYSE: V) announced that it is committing to invest $1 billion in Africa over the next five years to foster resilient, innovative and inclusive economies on the continent. Visa’s increased investment demonstrates the company’s long-term commitment to Africa’s growth potential and will help enable greater access to digital payments as an entry point for expanding formal financial services for Africans, individuals and merchants.
Consolidate the payment ecosystem
William Ruto, President of Kenya, receives Visa CEO Alfred F. Kelly, Jr. at the US-Africa summit in Washington
Visa CEO Alfred F. Kelly, Jr. emphasized this commitment at the US-Africa Business Forum on the sidelines of the US-Africa Leaders Summit in Washington, DC. This engagement will enable Visa to strengthen its business in Africa and deepen its collaboration with strategic partners including governments, financial institutions, mobile network operators, fintech and merchants.
The investments will also focus on strengthening the payments ecosystem through new innovations and technologies, supporting the digitization of economies and investing in upskilling, talent development and capacity building. “Visa has invested in Africa for decades to build a truly local business, and today our commitment to the continent remains as strong and unwavering as ever,” said Al Kelly, CEO of Visa, Inc. “Every day, Visa supports digital commerce and the movement of money in every country on the continent, and Africa remains at the heart of 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 robust, innovative and inclusive economies that will create shared opportunities and further boost Africa’s digital economy. »
In line with Visa’s corporate goal of being the best way to pay and get paid, these investments will facilitate further opportunities to expand financial inclusion.
500 million people in Africa do not have access to formal financial services
Visa is dedicated to empowering small businesses and women-led businesses in Africa through its community activities and programs. Today, an estimated 500 million people in Africa lack access to formal financial services, less than 50% of the adult population have made or received digital payments in Africa, and more than 40 million merchants do not accept digital payments.
“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 drive commerce and money movement,” said Aida Diarra. , Senior Vice President, Visa Sub-Saharan Africa. “Over the past year, Visa has continued to increase its investment in Africa through new offices, new innovations and solutions and programs that directly support financial inclusion. The investment pledge underscores our long-term commitment to Africa and the work we will do to help advance the financial ecosystem.”
“Expanding financial inclusion is critical to long-term economic prosperity and we are proud to have worked with financial and public sector partners to launch new initiatives such as She’s Next,” said Leila Serhan, Senior Vice President, Visa North Africa Levant and Pakistan. “We look forward to continuing to support programs that promote inclusion and prosperity, while introducing new innovations designed for consumers and businesses across Africa.”
