Visa to Expand African Investments by $1B by 2027

TechCrunch | Tage Kene-Okafor | Dec 14, 2022

Global payments giant Visa says it will invest $1 billion by 2027 to expand its investments in Africa amidst a digital payments boom on the continent.

Visa chief Al Kelly announced this pledge on Wednesday during the U.S.-Africa Business Forum, a sub-event in the broader U.S.-Africa Leaders Summit, a three-day event where U.S. President Joe Biden invited heads of state and senior government officials from Africa to discuss several issues ranging from food security to climate change.

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There are currently more than 500 million people in Africa who are underbanked or unbanked, less than 50% of the continent’s adult population have made or received digital payments and more than 40 million merchants do not accept digital payments, according to Visa. After several years of investing via various partnerships and thus playing a significant part in Africa’s current digital payments boom, the payment giant believes this new investment, spread over five years, will facilitate additional opportunities to expand financial inclusion on the continent.

Aida Diarra, the senior vice president of Visa Sub-Saharan Africa:

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.

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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.

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