Visa to Invest $1bn in Africa to Accelerate Digital Transformation

Emma Okonji

Visa has pledged to invest $1 billion in Africa over the next five years to scale operations, deploy new innovative technologies, deepen collaboration with partners and advance innovative and inclusive economies across the continent.

Visa’s Chairman and CEO, Alfred Kelly Jr. made the pledge during the US-Africa Business Forum, alongside the just concluded US-Africa Leaders Summit in Washington, DC.  The pledge will further scale Visa’s operations in Africa, and deepen collaboration with strategic partners including governments, financial institutions, mobile network operators, fintechs and merchants.

According to Kelly, “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 digitisation and to build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”

Senior Vice President, 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 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.”

Senior Vice President, Visa North Africa Levant and Pakistan, Leila Serhan, 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.”