Visa has announced a $1 billion investment in its African operations over the next five years to promote the adoption of digital payments in the region.
The company intends to develop new technologies and facilitate the digitization of economies, as well as invest in upskilling and building capacity to support financial inclusion in 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.’’ Visa chairman Alfred Kelly said.
Visa has been a big champion of cashless payments and notes that it wants to empower merchants worldwide by creating more convenient, safe, and faster ways to pay.
Covid-19 pandemic accelerated the shift towards digital payments, and the growth witnessed in Kenya is reflective of the payments landscape across other African countries.
More and more consumers in the region are embracing digital payments, particularly through eCommerce, contactless payments, and mobile money.