Visa has pledged to invest $1billion in Africa over the next five years to advance “resilient, innovative, and inclusive” economies across the continent.
Alfred F. Kelly, Jr, chairman and CEO of Visa revealed the pledge during the US-Africa Business Forum, alongside the US-Africa Leaders Summit.
The announcement came as Visa looked to demonstrate its commitment to fulfilling Africa’s growth potential. Visa made the pledge to further scale its operations in Africa, and deepen collaboration with strategic partners. It said potential partners include governments, financial institutions, mobile network operators, fintechs and merchants.
The $1billion investment by 2027 is to focus on strengthening the payment ecosystem through new innovations and technologies. Visa looks to support the digitisation of economies, and investing in upskilling, talent development and capacity building.
Kelly explained why Visa had made the commitment for Africa. He said: “Visa has been investing in Africa for several decades to grow a truly local business, and today our commitment to the continent remains as firm and unwavering as ever.”
“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 to build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”
Supporting innovation across Africa
Aida Diarra, SVP at Visa in Sub-Saharan Africa, explained the strength of the market in Africa. Diarra said: “Africa is experiencing an unprecedented digital acceleration, with a growing number of consumers, merchants and businesses realising the benefits of secure and convenient digital payments to fuel commerce and money movement.”
“Over the past year, Visa has also continued growing investment in the continent, 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.”
Leila Serhan, SVP at Visa in North Africa Levant and Pakistan, spoke on the work Visa have already done in the continent. She 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.”