Visa Plans $1bn Investment in Africa in Next Five Years

By Adedapo Adesanya

Global payments giant, Visa, has announced fresh plans to invest $1 billion by 2027 in its bid to expand its investment in Africa.

This was disclosed by the chief executive officer of the firm, Mr Al Kelly, on Wednesday during the US-Africa Business Forum, a sub-event in the broader US-Africa Leaders Summit, a three-day event where President Joe Biden has invited heads of state and senior government officials from Africa to discuss several issues ranging from food security to climate change.

Speaking at the event, Mr Kelly 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 build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”

The $1 billion 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.

Adding his input, Mr Aida Diarra, the senior vice president of Visa sub-Saharan Africa, 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,” he added.

Visa, as part of its commitment to seeing the continued growth of digital payments (including the immense opportunity for crypto payments) in Africa, has increased its number of offices across the continent to 10.

The company recently established local offices for the first time in Ethiopia, the Democratic Republic of Congo, and Sudan. These offices support payments in countries, Visa noted.