Visa to spread $1 bln investment in Africa over 5 years to cash in on e-payments boom

Date:

Dec 14 – Visa Inc (V.N) plans to invest $1 billion over the next five years in Africa to capitalize on the emerging economy’s rapid growth in digital payments, the company said at the U.S.-Africa Leaders Summit on Wednesday.

Thank you for reading this post, don't forget to subscribe!

U.S. President Joe Biden is hosting dozens of African leaders for the three-day event, which started on Tuesday in Washington, D.C.

“Visa has been investing in Africa for several decades to grow a truly local business,” Chief Executive Officer Alfred Kelly Jr said in a statement.

The investments in Africa shine a new light on a major growth opportunity on the continent where cash is likely to be challenged in coming years as e-payments gain momentum, according to a McKinsey report in September.

Africa’s booming e-payments market is expected to see revenues grow by nearly 20% a year, reaching around $40 billion by 2025, compared with about $200 billion in Latin America, the report added.

Members of the international Surface Water and Ocean Topography (SWOT) radar satellite mission test one of the antennas

“It’s one of our fastest growing regions,” Andrew Torre, Visa’s regional president for central and eastern Europe, Middle East and Africa, told Reuters in an interview on Wednesday.

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 added.

The investments will scale Visa’s operations in Africa and deepen ties with governments, fintechs and merchants, according to the statement. It will also help “strengthen the payment ecosystem through new innovations and technologies”.

Among new technologies, the company recently rolled out Visa Acceptance Cloud, a platform which turns virtually any device into a payments terminal.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Justin Timberlake arrested for ‘driving while intoxicated’

June 18, 2024. Azonuchechi Chukwu. American singer Justin Timberlake has been...

Governor Fubara Orders Local Government Heads to Assume Leadership in Rivers State

The Governor of Rivers State, Sir Siminalayi Fubara, has...

Suspected Kidnappers Nbbed by Benue Guards in Otukpo

June 18, 2024. Azonuchechi Chukwu. Operatives of Benue State Community Volunteer...

Family of Late Mohbad Rejects Autopsy Report

June 18, 2024. Azonuchechi Chukwu. The family of the late singer,...
× How can I help you?