Over the next five years, Visa will spend $1 billion in Africa in an effort to cash in on the continent’s booming growing market and its increasing reliance on digital payments.
According to a statement from Chief Executive Officer Alfred Kelly Jr., “Visa has been investing in Africa for several decades to create a truly local business.”
Africa’s cash economy is poised to face challenges in the future years as e-payments gather traction, and these initiatives shed new light on a potential growth opportunity on the continent.
Visa’s regional president for central and eastern Europe, the Middle East, and Africa, Andrew Torre, called the region “one of our fastest growing regions.”
According to Visa, the investments will expand its operations in Africa and strengthen relationships with merchants, governments, and fintech companies. The “strengthening of the payment ecosystem through new ideas and technology” will also benefit from it.
Over the course of the pandemic, Visa has increased its African workforce by more than 50 percent.
Compared to Latin America’s $200 billion e-payments market, Africa’s expanding e-payments market is predicted to see revenues climb by around 20% annually, reaching roughly $40 billion by 2025.
