Visa Inc. has announced plans to invest up to US $1billion in its business across Africa. Chief Executive Officer Al Kelly revealed the plans and said the move aims to put emphasis on adoption of digital payments across the continent.
“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. The investment will be spread over five years,” Chief Executive Officer Al Kelly said.
The company now has 10 offices across Africa after it recently established local operations in the Democratic Republic of Congo, Ethiopia and Sudan, and has additionally opened an innovation studio in Nairobi, its first on the continent, earlier last year.
“Africa is an enormous opportunity for us — there are about 800 million people in Africa, about 500 million of them are yet to be banked. As soon as the U.S. relaxed their sanctions, we opened an office in Sudan,” said President Ryan McInerney, who will take over as CEO.
Visa said the opportunity lies in the majority of Africa’s adult population who haven’t made or received digital payments yet, as well as the more than 40 million merchants there that don’t accept digital payments.
“Over the past year Visa has continued growing our investment in Africa. The investment pledge outlines our long-term commitment to Africa,” said Aida Diarra, senior vice president for Visa in Sub-Saharan Africa, in a statement.