Visa will spend $1 billion in Africa over the next five years to take advantage of the continent’s booming market and growing reliance on digital payments.
Alfred Kelly Jr., Visa’s CEO, said, “Visa has been investing in Africa for decades to build a truly local business.”
As e-payments become more popular, Africa’s cash economy will likely face problems in the coming years. However, these projects shed new light on a possible growth opportunity on the continent.
Andrew Torre, who oversees Visa’s operations in central and eastern Europe, the Middle East, and Africa, said that this area is “one of our fastest-growing regions.”
Visa says the investments will help it grow its business in Africa and get along better with merchants, governments, and fintech companies. It will also help “strengthen the payment ecosystem through new ideas and technology.”
During the pandemic, Visa boosted its African workforce by more than 50 percent.
Compared to Latin America’s $200 billion e-payments business, Africa’s burgeoning e-payments sector is expected to grow at a 20% annual rate, reaching over $40 billion by 2025.