In a significant boost to Nigeria’s digital economy, global payment giant Visa Inc. has announced plans to establish a data center within the country. This move underscores Visa’s commitment to enhancing Nigeria’s financial infrastructure and supporting the nation’s burgeoning digital landscape.
During a recent visit to the State House in Abuja, Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA), highlighted the company’s substantial investments in Nigeria. These include a $200 million stake in Interswitch, a strategic partnership with MoniePoint to advance digital payment solutions, and collaboration with ThriveAgric to bolster support for smallholder farmers, thereby enhancing food security.
Torre emphasized that the planned data center aims to introduce new technologies to the Nigerian market, further strengthening the nation’s digital economy. He noted that partners like Hugo and Samsung require Visa’s technologies to launch mobile payment services, fostering a more competitive and cost-effective market.
Responding to this development, Vice President Kashim Shettima expressed optimism about the growing partnership between Visa and the Nigerian government. He lauded Visa’s investment in ThriveAgric, aligning with the administration’s focus on repositioning the agriculture sector, a key component of its 8-point agenda.
Shettima remarked, “Nigeria is where the action is. Of the ten fintechs in Africa, about eight are in Nigeria, with MoniePoint as the newest addition.”
