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.
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