Latest News

Visa announces $1 billion African investment

By Jonathan Easton

Visa has said that it plans to invest $1 billion in Africa over the next five years.

Speaking at the US-Africa Leaders Summit, Visa chief exed Alfred Kelly Jr. said that the card operator is looking to capitalise on the continent’s growth in digital payments, with the region’s dependence on cash likely to be challenged in the coming years.

A report from McKinsey has estimated that Africa’s e-payments market is expected to see revenues grow by nearly 20% a year to reach around $40 billion by 2025. This represents significant growth, but would still put it behind other regions in the so-called global south, with Latin America currently at around $200 billion per year.

At the event hosted by US president Joe Biden in Washington DC, Kelly Jr. said that "Visa has been investing in Africa for several decades to grow a truly local business,” and that the investment would "strengthen the payment ecosystem through new innovations and technologies".

The CEO said that Visa had expanded its workforce in Africa by over 50% since 2019.

    Share Story:

Recent Stories

Visa announces $1 billion African investment

Bank of England will use ‘new powers’ to maintain cash distribution

Revolut expands commodity trading


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

BANNER

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.

© 2019 Perspective Publishing     Privacy & Cookies