Visa has announced plans to invest $1 billion in Africa over the next 5 years to accelerate digital transformation on the continent.
Visa Chairman and CEO Alfred F. Kelly, Jr. unveiled the plan during the US-Africa business forum organised in collaboration with US-Africa Leaders Summit in Washington, DC on Wednesday.
Kelly said the investments will further scale Visa’s operations in Africa and deepen collaboration with strategic partners including governments, financial institutions, mobile network operators, fintech, and merchants.
The investments are also expected to focus on strengthening the payment ecosystem through innovations and technologies, supporting the digitization of economies, and investing in upskilling, talent development, and capacity building.
While noting that Visa has been investing in Africa for several decades to grow a truly local business, Kelly said the company’s commitment to the continent remains 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.”
