Unlocking digital financial services for Africa's growth

As African countries continue to embrace fintech, the continent is at the cusp of becoming a formidable force in attracting digital payment platforms. Carl Manlan, Vice President of Inclusive Impact & Sustainability for Central & Eastern Europe, Middle East & Africa at Visa, shares insights on how digital financial services are shaping the fintech space in Africa. One of the key challenges faced by small businesses in Africa is access to finance. Visa Foundation, in collaboration with partners like Arua Capital, is leveraging capital to support small businesses and enable them to grow. Manlan emphasizes the importance of digital financial services in bridging the financing gap, highlighting that transacting in cash can hinder investor confidence in the financial viability of businesses. To address this, Visa is focusing on skills development and education for small and medium enterprises (SMEs) in countries like Kenya and Tanzania. By empowering businesses with digital financial literacy, Visa aims to enhance their ability to attract investments and thrive in the competitive market. In pursuit of inclusivity, Visa has launched initiatives like 'She's Next' in Nairobi, South Africa, and Cote d'Ivoire, with a specific focus on supporting women-led businesses. Recognizing the significant role women play in small businesses across the continent, Visa is committed to providing women entrepreneurs with the tools and capital they need to succeed. Partnering with financial institutions like APSA, Visa is also working towards supporting women-led businesses through tailored programs and collaborations. The collaboration with the Africa Guarantee Fund and support for the AFAWA program further underscores Visa's dedication to enabling small businesses in Africa. By sharing risks and enhancing access to finance, Visa, in partnership with key stakeholders, is driving financial inclusion and economic empowerment for SMEs in the region.