Visa Is Pledging $1 Billion Over the Next Five Years to Expand Financial Inclusion In Africa

Visa will invest $1B to create financial inclusion in Africa by 2027, AfroTech reports. 

 

Chairman and CEO Alfred F. Kelly, Jr. recently said in a press release that Visa will start operations in Africa “to scale operations, deploy new innovative technologies and deepen collaboration with partners.” With this pledge, the corporation will work closely with governments, financial institutions, mobile network operators, merchants, and small businesses to expand digital payments and bring financial equity to Africa. 

 

“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,” Kelly said.

For years, the corporation has been present in Nigeria, South Africa and Kenya yet 500 million people in Africa don’t have access to financial services and some 40 million merchants don’t accept digital payments. They plan to improve and expand services to other countries like the Democratic Republic of Congo, Ethiopia and Sudan.

 

We’ll make sure to keep you posted on what opportunities this expansion will bring! 

 

Photo: Sofie Delauw/Getty Images/ VisaNews