Visa plans to invest $1 billion over the next five years in Africa to capitalise on the emerging economy’s rapid growth in digital payments, the company disclosed at the ongoing US-Africa Leaders Summit in the United States.
Investors King learnt that US President, Joe Biden is hosting dozens of African leaders for a three-day event, which started on Tuesday in Washington, D.C.
Speaking at the event, Visa Chairman and CEO, Alfred F. Kelly, Jr. noted that the investments will further scale Visa’s operations in Africa and deepen collaboration with strategic partners including governments, financial institutions, mobile network operators, fintech, and merchants.
Kelly added that Visa has been in Africa for decades strengthening its business with local partners. “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,” he said.
Also speaking on the development, Visa regional president for central and eastern Europe, Middle East and Africa, Andrew Torre stated that Africa is one of the company’s latest growing regions.
Visa, which is the world’s largest payments processor, “has added over 50% more employees in the continent since the end of 2019, with the vast majority during the pandemic”, he noted.
Similarly, Vice President for Sub-Saharan Africa (Visa), 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 years, Visa has continued growing our investment in Africa, through new offices, 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.”
With a population of more than 1.4 billion people and a significant shift towards digitisation, Africa portrays an investment destination for fintech companies.