Visa made a commitment to invest $1 billion in Africa over the following five years to support robust, creative, and inclusive economies all throughout the continent during the U.S.-Africa Business Forum.
According to Visa, its increased investments show the company’s long-term dedication to Africa’s economic potential and will facilitate easier access to digital payments as a launching pad for the expansion of formal financial services for consumers and businesses.
The pledge was presented by Alfred F. Kelly, Jr., chairman and CEO of Visa, at the US-Africa Business Forum in conjunction with the US-Africa Leaders Summit in Washington, DC.
The donation will help Visa expand its operations in Africa and strengthen partnerships with key stakeholders like merchants, governments, financial institutions, mobile network carriers, and fintech companies.
The investments will also be directed toward promoting the digitisation of economies, upskilling, talent development, and capacity building, as well as improving the payment ecosystem through new innovations and technology.
Al Kelly, Chairman and Chief Executive Officer of Visa, Inc., stated that “today our commitment to the continent remains as deep and unshakable as ever.” Visa has been investing in Africa for several decades to develop a truly local business.
“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 digitisation and to build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”
These investments will make it possible to take advantage of more possibilities to increase financial inclusion, which is consistent with Visa’s corporate mission to be the greatest way to pay and get paid. Through its business operations and community initiatives, Visa is committed to fostering small- and women-owned businesses throughout Africa.
According to data from Visa, less than 50% of adults in Africa made or received digital payments in 2017, more than 40 million shops do not accept digital payments, and an estimated 500 million people in Africa lack access to formal financial services.
According to Aida Diarra, senior vice president of Visa Sub-Saharan Africa, the continent is going through an unparalleled digital acceleration as more and more customers, businesses, and merchants see the value of safe and convenient digital payments in advancing trade.
“Over the past year Visa has continued growing our investment in Africa, through new offices, new 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,” Diarra stated.
Leila Serhan, senior vice president of Visa North Africa, the Levant, and Pakistan, said:
“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. We look forward to continuing to support programs that advance inclusion and prosperity, while introducing new innovations designed for consumers and businesses across Africa.”
