Visa Inc. V announced at the U.S.-Africa Leaders Summit that the company plans to invest $1 billion in Africa. It intends to inject the amount over the next five years to capitalize on the continent’s rapid growth in the digital payment market.
During a sub-event at the summit, U.S.-Africa Business Forum, Visa CEO Alfred F. Kelly Jr. pledged the amount, which is expected to boost the company’s footprint in the continent. It plans to work with governments, fintechs, financial institutions, merchants and even mobile network operators to scale its operations.
Talent development and capacity building will likely help Visa in strengthening the payment ecosystem in Africa, which will support its digitization efforts. This is expected to play a major role in the company’s long-term growth plan. V has been investing in the continent for several decades now.
The company said that 500 million people in the region have no access to formal financial services. Also, lower than 50% of adults have utilized digital payments ever. More than 40 million merchants in the continent are yet to accept digital payments. Hence, Visa has a major untouched region to expand its network.
Currently, the company has 10 offices across the continent. With new investments, the number is expected to rise. The move is anticipated to make the company a major stakeholder in Africa’s digital economy. The investments are likely to support innovation and economic inclusion in the region.
Currently, the company has 10 offices across the continent. With new investments, the number is expected to rise. The move is anticipated to make the company a major stakeholder in Africa’s digital economy. The investments are likely to support innovation and economic inclusion in the region.
