Visa will invest $1 billion in Africa over 5 years to take advantage of the boom in electronic payments

US President Joe Biden is hosting dozens of African leaders for the three-day event, which started in Washington on Tuesday.

“Visa has been investing in Africa for decades to develop a truly local business,” Alfred Kelly Jr., CEO, said in a statement.

Investments in Africa shed new light on a major growth opportunity on the continent, where cash will be challenged in the coming years as electronic payments take off, according to a McKinsey report published in September.

Africa’s booming e-payments market is expected to see revenue grow by nearly 20% a year to around $40 billion by 2025, compared to around $200 billion in Latin America, the report added.

“It’s one of our fastest-growing regions,” Andrew Torre, Visa’s regional president for Central and Eastern Europe, the Middle East and Africa, said in an interview with Reuters on Wednesday.

The world’s leading payment processor has added more than 50% more employees on the continent since the end of 2019, the vast majority of them during the pandemic, he added.

The investments will help scale Visa’s operations in Africa and deepen ties with governments, fintechs and merchants, according to the statement. They will also make it possible to “strengthen the payment ecosystem through new innovations and technologies”.

Among new technologies, the company recently rolled out the Visa Acceptance Cloud, a platform that turns virtually any device into a payment terminal.

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