Alfred F. Kelly, Jr, chairman and CEO of Visa revealed the pledge during the US-Africa Business Forum, alongside the US-Africa Leaders Summit.
The announcement came as Visa looked to demonstrate its commitment to fulfilling Africa’s growth potential. Visa made the pledge to further scale its operations in Africa, and deepen collaboration with strategic partners. It said potential partners include governments, financial institutions, mobile network operators, fintechs and merchants.
The $1billion investment by 2027 is to focus on strengthening the payment ecosystem through new innovations and technologies. Visa looks to support the digitisation of economies, and investing in upskilling, talent development and capacity building.
Kelly explained why Visa had made the commitment for Africa. He said: “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.”
“Every day, Visa supports digital commerce and money movement in every country across the continent, and Africa remains central to Visa’s long-term growth plans. We look forward to continuing to work closely with our partners to advance the financial ecosystem, accelerate digitization and to build resilient, innovative, and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”