Vice President Kashim Shettima has welcomed Visa Inc.’s commitment to deepening its investment in Nigeria, including plans to establish data center infrastructure aimed at strengthening the country’s digital economy.
During a courtesy visit to the State House in Abuja, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA), Andrew Torre, reiterated the company’s long-term strategy for Nigeria, noting that Visa has already invested over $1 billion in the country. This includes a $200 million stake in Interswitch, a strategic partnership with MoniePoint to expand digital payment solutions, and collaboration with ThriveAgric to support smallholder farmers and enhance food security.
Torre explained that Visa’s planned data center would introduce cutting-edge technologies to Nigeria, further boosting the country’s growing fintech landscape. He also highlighted the importance of infrastructure in facilitating mobile payment solutions, stating that partners such as Hugo and Samsung require Visa’s technology to launch cost-effective and competitive services in the market.
In response, Vice President Shettima reaffirmed the Nigerian government’s commitment to strengthening its partnership with Visa, emphasizing the administration’s focus on fostering a robust digital economy. He expressed confidence that Visa’s continued investment would further accelerate financial inclusion and economic growth.
Shettima also commended Visa’s involvement in the agricultural sector through ThriveAgric, stressing that President Bola Ahmed Tinubu’s administration prioritizes agriculture as a key pillar of its 8-point agenda. He noted that with Nigeria’s vast agricultural potential, strategic investments in the sector would not only boost food security but also create jobs and drive rural development.
Emphasizing Nigeria’s fintech dominance, Shettima pointed out that out of Africa’s top ten fintech companies, eight are based in Nigeria, with MoniePoint being the latest addition. He described the country as a hub of financial innovation, noting that its dynamic tech ecosystem continues to attract global investors.
With Visa’s growing footprint in Nigeria and its plans to introduce new digital payment technologies, the partnership between the company and the Nigerian government is expected to further drive the expansion of digital financial services, improve transaction efficiency, and position Nigeria as a leading player in Africa’s digital economy.
