Visa will invest more than $1 billion over the next five years in Africa to support more resilient, innovative, and inclusive economies across the continent. Visa has had a presence in Africa for 30 years, and proudly serves all 54 countries on the continent. Through these expanded investments, Visa will further scale its operations, deploy new innovations and technology, and deepen collaboration with strategic local partners, including government, financial institutions, mobile operators, fintechs, and merchants.
Visa’s increased investments in Africa will accelerate financial inclusion and the formal economy. Africa has 100 million micro-, small-, and medium-sized enterprises, of which 84% are unregistered and highly informal, heavily cash dependent, and without access to financial services. According to the World Bank, barely 50 percent of the adult population has made or received digital payments in Africa. Enabling digital payments is an entry point for this formalization, while also driving financial inclusion for individuals.