
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Andrew-Approved-high-res-820x547.jpg" alt="" class="wp-image-428987" style="width:840px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Andrew-Approved-high-res-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Andrew-Approved-high-res-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Andrew-Approved-high-res-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Andrew-Approved-high-res-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Andrew-Approved-high-res-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/11/Andrew-Approved-high-res-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption"><em>Andrew Torre, Regional President of Central &amp; Eastern Europe, Middle East &amp; Africa, Visa</em></figcaption></figure>



<p>Africa stands at the forefront of a digital revolution that has been unfolding at an unstoppable pace. This vibrant continent is rapidly embracing the digital age, with internet connectivity and mobile subscriptions on the rise. Indeed, the global economic challenges of recent years have only served to accelerate this process, which has in turn led to a sharp decline in the use of cash across the region, from 86% of all personal consumption expenditure in 2019 to 72% in 2022. As of June this year, instant payment systems (IPSs) recorded 23 billion transactions valued at US$ 1.2 trillion across Africa.</p>



<p>At the heart of this transformation stands Visa, a global leader in digital payments, which strives to play a pivotal role in facilitating the evolution of Africa’s financial infrastructure and foster innovation. The Visa story in Africa is not merely one of transaction facilitation; it is a journey of commitment to growth, innovation, and financial inclusion.</p>



<p>Africa&#8217;s businesses have adapted swiftly to the digital shift, with remarkable growth being witnessed across merchant locations, evidenced by a surge in active Visa payment credentials and e-commerce payment volumes having tripled over the past five years, At the same time, contactless payments, a concept nearly non-existent just five years ago, now account for over half of payments in South Africa, with other African nations expected to follow suit.</p>



<p>However, the road ahead is not without its challenges with limited digital literacy and restricted access to digital financial services hindering small and medium-sized business (SMBs) growth.</p>



<h2 class="wp-block-heading" id="h-visa-s-pledge-to-africa"><strong>Visa&#8217;s Pledge to Africa</strong></h2>



<p>Visa&#8217;s commitment to Africa&#8217;s growth is unwavering. The company has pledged a substantial $1 billion investment over the next five years, focusing on scaling operations, deploying innovative solutions, and nurturing vital partnerships. To underscore this dedication, Visa has been steadily expanding its presence across Africa, recently opening its tenth office on the continent, with plans in play for another office for Tanzania within the next year. Simultaneously, Visa has been augmenting its workforce, recruiting top talent across Sub-Saharan Africa, resulting in a remarkable 60% growth in full-time employees over the past two years.</p>



<p>Innovation is at the core of Visa&#8217;s approach in Africa. The company has established its first Innovation Centre in Nairobi to create a platform where local clients and fintech partners can co-create payment and commerce solutions tailored to African needs.</p>



<h2 class="wp-block-heading" id="h-empowering-businesses-and-enabling-financial-inclusion"><strong>Empowering Businesses and Enabling Financial Inclusion</strong></h2>



<p>Visa understands the power of partnerships as a critical lever to drive progress in Africa, actively collaborating with governments, banks, and fintech companies to advance digital commerce across the region. Working with governments to support the digitization of financial services and citizen disbursements is another focal area for Visa, as evidenced by the payments giant’s partnerships with post banks and supporting the payment digitization of national parks in Kenya.</p>



<p>The Visa Foundation plays an active role in promoting financial inclusion in Africa, pledging to commit more than $5 million to expand equitable access for women. Recent partnerships with several organizations, examples of which include those with Afrilabs and Graça Machel Trust, further underscore Visa&#8217;s commitment to facilitating women&#8217;s economic empowerment across the region, as does the implementation of powerful initiatives such as the She&#8217;s Next economic empowerment program, which have been launched in South Africa, Egypt, and Morocco.</p>



<p>In addition to financial services, fintechs and mobile network operators (MNOs) are pivotal in enabling access to financial education. Visa has joined forces with GSMA to provide learning and educational content to individuals and SMBs globally, contributing to improved financial literacy and long-term financial stability.</p>



<h2 class="wp-block-heading" id="h-visa-s-initiatives-in-promoting-fintech-growth"><strong>Visa&#8217;s Initiatives in Promoting Fintech Growth</strong></h2>



<p>Visa is actively engaged in initiatives that promote fintech growth in Africa in order to shape the future of fintech and advance financial inclusion. In the last two years, Africa’s fintech startup ecosystem has flourished, growing in size by almost 20 per cent with an influx of US$2.7 billion in investment. At the same time, MNOs and fintechs are increasingly offering accessible, low-risk solutions for individuals and SMBs, streamlining financial services and providing more equitable access to affordable payment, credit, and investment opportunities for underserved communities.</p>



<p>Visa&#8217;s commitment to fostering fintech growth in Africa is exemplified by the Visa Fintech Accelerator Program. Launched in June 2023, this visionary program is designed to support up to 40 carefully selected startups annually. With a core objective to equip promising startups with the skills, knowledge, and resources they need to accelerate their growth and prepare them for deeper engagement in the fintech ecosystem, the Program takes the chosen innovators on a transformative three-month journey characterized by intensive learning programs and tailored mentorship.</p>



<p>Upon completing the program, the support doesn&#8217;t stop there. Visa plans to invest capital through VC’s in select participating startups. This investment not only infuses much-needed financial support but stands as testament to Visa&#8217;s unwavering belief in the potential of these fintech companies to not only succeed in their respective right but to stimulate growth across local communities and, ultimately, for the wider economy.</p>



<p>The Visa Fintech Accelerator Program is a vital stepping-stone for African fintech startups, equipping them with the skills, knowledge, and financial support necessary to bring their innovative ideas to life. By doing so, Visa not only promotes the growth of the fintech sector in Africa but actively contributes to the broader goal of financial inclusion by empowering these startups to provide accessible and innovative financial services to underserved communities.</p>



<p>The Visa Everywhere Initiative (VEI) also plays a pivotal role in fostering fintech innovation in Africa. Since its inception in 2015, VEI has provided startups with a global platform to showcase innovative solutions that hold the potential to shape the future of payments and commerce. In Africa, VEI has been impactful, with local competitions in South Africa, Kenya, Ethiopia, and Egypt engaging promising fintech startups. In particular, Nigeria has emerged as a focal point of fintech innovation and excellence in Africa, with Nigerian startups winning the global finals of the Visa Everywhere Initiative for two consecutive years. Visa has even introduced social impact prizes in South Africa and Kenya, recognizing the impact of fintechs in their local communities as a force for good. This aligns with Visa&#8217;s commitment to fostering projects that create meaningful change. Visa&#8217;s journey in Africa embodies a commitment to growth, innovation, and financial inclusion. As the continent continues to undergo a profound digital transformation, Visa stands as a catalyst, supporting startups, fostering financial literacy, and contributing to the digitization of financial services. With a vibrant fintech ecosystem and a rising wave of digital payments, Africa&#8217;s future is brighter than ever. Visa&#8217;s vision for Africa is one of progress, empowerment, and a boundless digital landscape where opportunity knows no bounds.</p>



<p></p>


Andrew-Approved-high-res

Empowering Africa’s Fintech Ecosystem: A Vision for Growth

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<p>Ghanaian Fintech Zeepay has completed a $7.9million Series A funding round, which will be a combination of both equity and balance sheet funds. Andrew Takyi-Appiah Managing Director and Founder of Zeepay joins CNBC Africa for more.</p>


Ghana’s Zeepay completes $7.9mn series A fundraise

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<p>Chaka has become the first fintech start-up to acquire a digital sub-broker license in Nigeria, after the Securities and Exchange Commission granted the platform, permission to trade in stocks digitally. The license which was newly created in April this year by SEC, now places Chaka’s operation’s directly under the regulatory scope of the SEC and poses a defining moment for the future of digital investments in the country. Chaka CEO, Tosin Osibodu joins CNBC Africa for more.</p>


Chaka secures Nigeria’s first digital sub-broker license

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<p>Lagos based fintech BFREE which was founded last year, has raised eight hundred thousand dollars in a seed round which will enable customers who have fallen behind on their credit payment with personal budgeting processes. The ethical credit fintech also customizes repayment plans that fits customers disposable income. Chukwudi Enyi, Co-Founder and Chief Operating Officer of BFREE joins CNBC Africa for more.</p>


Nigerian fintech BFREE raises $800

Nigerian fintech BFREE raises $800,000 to facilitate credit management

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<p>A joint report by the Catalyst Fund and Briter Bridges note that Africa&#8217;s fintech space has witnessed fast-growing M&#038;A activity involving global brands but is yet to record a fintech IPO. They further disclosed that a larger proportion of investors invest at the pre-seed stage in sub-Saharan Africa compared to other emerging market regions. Dario Giuliani, Founder of Briter Bridges and Maelis Carraro, the Managing Director of Catalyst Fund join CNBC Africa for more.</p>


Africa’s fintech space sees fast-growing M&A activity: report

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<p>African technology start-ups attracted $2.4 billion in 2020 despite a downturn in Africa’s economy at the height of the novel Coronavirus pandemic, which has hit businesses and brought many activities to a halt. This is according to the report by Briter Bridges, a data firm. Fintech and solar companies attracted the biggest share of investment. Dario Guiliani, Director of Briter Bridges joins CNBC Africa for more.</p>


African tech space attracts $2.4bn investment in 2020 despite COVID-19

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<p>Lagos and London-based Fintech, Kuda has raised $10 million to quicken its growth plans and keep up with customer demand. Babs Ogundeyi, Co-Founder and CEO of Kuda joins CNBC Africa’s Esther Awoniyi for more.</p>


Nigeria’s Kuda raises $10mn to fund expansion

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<p>Traditional banking and financial services has been disrupted by the accelerated need for digitisation and fintech amid the Covid-19 crisis. Joining CNBC Africa to unpack how global markets and African financial services are surviving the current crisis is John Garvey, Global Financial Services leader at PwC.</p>


PwC on the outlook for traditional financial services amid COVID-19

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<p>The increase of digital transactions in South Africa, has given rise to fears of fraud. To mitigate those risks, Standard Bank has bought a 35 per cent stake in Trade Safe. The fintech company provides a platform to keep a buyer’s funds safe, until they receive the goods or services. Joining CNBC Africa to discuss this deal is Kuben Chetty, Head of Client Solutions at Standard Bank and Jethro O’Brien, CEO of TradeSafe.</p>


Standard Bank acquires 35% stake in fintech Trade Safe

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The SA SME Fund has invested R25 million in A2Pay SA, a fintech fund manager that focuses on the financial inclusion of Spaza shops and stokvels. The SA SME fund is a partnership between the government and corporate South Africa and looks to grow and aid 10 000 Spaza shops create countless jobs over the next 10 years. Joining CNBC Africa for more is Ketso Gordhan, CEO of the SA SME Fund.</p>


This fund management team seeks to raise a billion rand for SA start-ups


<p>By Derek Cikes, Commercial Director at Payflex</p>



<p>South Africans are desperate for innovative payment solutions that don’t involve credit traps. In response to a soaring debt crisis due to the miseducation of credit and lending terms and conditions &#8211; both on credit cards and store cards &#8211; philanthropic South Africans in their hundreds have been paying off other people’s store lay-bye debt, according to <a href="https://www.businessinsider.co.za/pep-lay-bye-2020-1">businessinsider</a>. </p>



<p>It begs the question though, what is available for online
shoppers and is there a way to avoid credit in all its disguises entirely? The
answer is yes and they’re called ‘Buy-Now Pay-Later’&nbsp; solutions (BNPL)
that offer interest-free, zero-fee shopping with no catches, are going to war
with SA’s debt problem on behalf of online consumers.</p>



<p>“There is a way that shoppers can avoid debt all together,
shop responsibly and get ownership of their goods immediately,” explains <a href="https://www.payflex.co.za">Payflex</a>
CEO, Paul Behrmann. Payflex is leading the charge in disrupting the way
shoppers buy online. The company, based in Illovo Johannesburg, already has
thousands of South African customers and over 100 stores signed up for Payflex.
</p>



<p>The problem with store Lay-byes is that you never really own
the goods until you’ve paid in full. Online solutions such as Payflex, allow
you to own the goods immediately while they pay the merchant directly and take
on all the risk. </p>



<p>“This is a solution where everyone wins. The merchant can
boost their sales by 20 to 30% through larger baskets and improved conversion
while the buyer gets to own their goods right away while shopping responsibly
and avoiding any debt whatsoever,” explains Behrmann.</p>



<p>In other countries, millions of people are already using
BNPL solutions like these such as <a href="http://klarna.com">Klarna</a>, <a href="https://www.afterpay.com/">Afterpay </a>(global giant in this industry) and <a href="https://zip.co/nz/">Zip Payments</a>.
Behrmann believes it’s not a question of if but <em>when</em> South Africans will
turn their backs on destructive interest rates and choose more responsible
solutions instead.</p>



<p>Payflex is available on leading online stores across South Africa including South Africa’s largest fashion online retailer, Superbalist.com</p>



<p><em>Content provided by Talking Point Communications</em></p>


Fintech innovations offer alternative to credit traps

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<p>Carbon, a Nigerian-based fintech start-up that started as a loan offering platform, has launched operations in Kenya. Eliud Mungai, Kenya Country Lead at Carbon joins CNBC Africa for more.</p>


How Carbon is smoothening the fintech plains by expanding into Kenya

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<p>35 million women in Sub-Saharan Africa are excluded from financial services and with the rise of Fintech’s policy makers believe this number will be greatly reduced. To discuss this issue, Rwanda’s Deputy Governor, Dr Monique Nsanzabaganwa joins CNBC Africa’s Arnold Kwizera for more.</p>


Monique Nsanzabaganwa on closing financial inclusion gender gap in Africa

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<p>A Fintech start-up with an innovative edge may be able to change the world of medical aid in South Africa for low income earners. Tamsanqa Ngalo is the founder of OYI which is a medical expense credit card helping those who may not have access to funds to pay for their medical expenses. Tamsanqa joins CNBC Africa for more.</p>


OYI on a quest to make health care affordable through innovative medical scheme

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<p>One of the biggest issues that remain as a barrier for youth in Africa is the lack of financial literacy. However, a new project known as Akiba Digital is set to change the ways in which millennials interact with finances by leveraging artificial intelligence technology. With the help of AlphaCode Incubate this industry disruptor may leave its mark on the wallets of young Africans. Joining CNBC Africa for more is Kamogelo Kekana, co-Founder of Akiba Digital.</p>


SA fintech Akiba Digital uses AI tech to help millennials manage their finances

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<p>Africa’s Fintech industry has been growing steadily as evidenced by huge funding which it has been attracting in the recent years. Otto Williams, Head of Partnerships, Fintech and Ventures at Visa joins CNBC Africa for more.</p>


How the Fintech industry is boosting financial inclusion in Africa

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<p>There&#8217;s no doubt that the rise of mobile financial services have transformed the way that many people around the region do business and handle money. Now hot off the heels of the inaugural Afro-Asia Fintech Festival that just took place in Nairobi, Kenya. Kennedy Mubita Head of Standard Chartered Ventures, Africa joins CNBC Africa for more.</p>


Fintech

Empowering Africa’s Fintech Ecosystem: A Vision for Growth

Ghana’s Zeepay completes $7.9mn series A fundraise

Chaka secures Nigeria’s first digital sub-broker license

Nigerian fintech BFREE raises $800,000 to facilitate credit management

Africa’s fintech space sees fast-growing M&A activity: report

African tech space attracts $2.4bn investment in 2020 despite COVID-19

Nigeria’s Kuda raises $10mn to fund expansion

PwC on the outlook for traditional financial services amid COVID-19

Standard Bank acquires 35% stake in fintech Trade Safe

This fund management team seeks to raise a billion rand for SA start-ups

Fintech innovations offer alternative to credit traps

How Carbon is smoothening the fintech plains by expanding into Kenya

Monique Nsanzabaganwa on closing financial inclusion gender gap in Africa

OYI on a quest to make health care affordable through innovative medical scheme

SA fintech Akiba Digital uses AI tech to help millennials manage their finances

How the Fintech industry is boosting financial inclusion in Africa

Standard Chartered Bank sees opportunities in Africa’s Fintech industry

News Tips

Advertise With Us

Fintech

Empowering Africa’s Fintech Ecosystem: A Vision for Growth

Ghana’s Zeepay completes $7.9mn series A fundraise

Chaka secures Nigeria’s first digital sub-broker license

Nigerian fintech BFREE raises $800,000 to facilitate credit management

Africa’s fintech space sees fast-growing M&A activity: report

African tech space attracts $2.4bn investment in 2020 despite COVID-19

Nigeria’s Kuda raises $10mn to fund expansion

PwC on the outlook for traditional financial services amid COVID-19

Standard Bank acquires 35% stake in fintech Trade Safe

This fund management team seeks to raise a billion rand for SA start-ups

Fintech innovations offer alternative to credit traps

How Carbon is smoothening the fintech plains by expanding into Kenya

Monique Nsanzabaganwa on closing financial inclusion gender gap in Africa

OYI on a quest to make health care affordable through innovative medical scheme

SA fintech Akiba Digital uses AI tech to help millennials manage their finances

How the Fintech industry is boosting financial inclusion in Africa

Standard Chartered Bank sees opportunities in Africa’s Fintech industry

News Tips

Advertise With Us

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