Fostering collaboration for faster payments in underserved communities

As Visa continues to expand its footprint in under-served communities, it remains committed to enhancing financial inclusion and accessibility to digital payments. This commitment is underscored by strategic collaborations with various stakeholders, including regulators, financial institutions, and technology providers. For more on this, CNBC Africa's Tabitha Muthoni spoke to Aida Diarra, Head of Sub-Saharan Africa, Visa.

Mon, 20 May 2024 15:03:15 GMT

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AI Generated Summary

Visa focuses on collaboration with stakeholders to provide payment solutions to underserved consumers and merchants in Africa, leveraging technology and partnerships with regulators for cost-efficient and convenient access to digital payments.
The success of Visa's initiatives is measured through metrics like the number of credentials issued, small businesses accepting digital payments, onboarding of women entrepreneurs, and promoting cashless transactions through contactless payments, with a focus on shaping e-commerce and expanding marketplaces.
Visa's investment strategy includes expanding regional offices, fostering innovation through Africa-specific solutions, supporting fintechs in driving innovation, and prioritizing cybersecurity, fraud detection, and collaboration with regulators for a secure payment ecosystem as they seek to enhance financial inclusion and expand market presence.

Visa is making strides in expanding its reach in under-served communities, focusing on enhancing financial inclusion and accessibility to digital payments through strategic collaborations with regulators, financial institutions, and technology providers. Aida Diarra, Head of Sub-Saharan Africa at Visa, emphasized the importance of industry collaboration to offer payment solutions to consumers and merchants currently underserved. With an estimated 250 million people lacking access to digital payments, and around 40 to 50 million small businesses not accepting digital payments in Africa, the need for innovation, convenience, and cost-efficiency is evident. Visa is leveraging technology to simplify payment acceptance for merchants, turning phones into acceptance devices and embedding credentials into wallets for consumers without physical cards. Partnering with regulators to onboard long-tail merchants and provide affordable fees is also a crucial aspect of their strategy. By focusing on convenience, transparency, and collaboration with regulators, Visa aims to drive financial inclusion in underserved communities. The success of their initiatives is measured through metrics such as the number of credentials issued, small businesses accepting digital payments, onboarding of women entrepreneurs, and promoting cashless transactions through contactless payments. Furthermore, Visa is shaping e-commerce and expanding marketplaces to facilitate international trade. The company's investment strategy prioritizes expanding regional offices, fostering innovation through Africa-specific solutions, supporting fintechs in driving innovation, and creating value for merchants and consumers. Regarding risk management, Visa emphasizes cybersecurity, fraud detection, and collaboration with regulators to ensure a secure payment ecosystem.