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<p>Navigating challenges and opportunities in Africa&#8217;s evolving digital landscape. This episode of Doing Business in Rwanda delves into leveraging digital technologies for sustainable development and social inclusion.</p>


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Exploring Rwanda’s Digital Transformation

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<p>This Focus On episode, hosted at the ninth Forbes Woman Africa Leading Women Summit, highlights the importance of International Women&#8217;s Day and the initiatives retail bank African Bank are taking to advance women in business and society. Edna Montse, Group Chief Transformation and Sustainability Officer at African Bank speaks to CNBC Africa on more.</p>


Focus On Forbes Woman Africa: African Bank on empowering women through financial inclusion

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<p>Imagination is more important than knowledge. Are creative industries Africa&#8217;s secret weapon to lead the global economy? How can the continent optimize and leverage on this? Join CNBC Africa as the leading industry experts from across the continent gathers at WEF Davos as they delve deeper into this.</p>


DAVOS 2024: Creative Industries Africa: The Creative Cradle

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<p>During a time when the global economy is battling inflation, coupled with the call for countries to increase their effort to become more sustainable, how will Africa bond together to rise up to the challenge? A panel of industry experts joins to discuss sustainability and inclusion as Africa unite to rise together.</p>


DAVOS 2024: Sustainability and Inclusion: Together We Rise

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<p>Technology is advancing at an alarming rate. Artificial Intelligence – or AI – is a hot topic discussed at this year’s WEF. Africa is left asking itself whether it’s playing catch up or can Africa lead the pack. A panel of experts share their knowledge on blockchain, tokenization and what is the best way forward.</p>


DAVOS 2024: Technology to Leapfrog: Leading Innovation, Blockchain, AI & Tokenization

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<p>This Focus On episode looks at investing in Africa, a continent of 1.4 billion people and a combined GDP of $3.4 trillion under the Africa Continental Free Trade Area deal and how foreign investors are perceiving the continent.</p>


DAVOS 2024: Focus On Financing Africa: Attracting Foreign Investment

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<p>At this year&#8217;s WEF meetings, South Africa is determined to establish itself as a thriving technological hub, enabling development through technological advancement and centering innovation at its core of governance and operations.</p>


DAVOS 2024: Focus On the development and progress of South African banking

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<p>Experimentation and creativity are critical to increasing access to and use of financial services for individuals and small businesses, particularly in emerging markets where the financial inclusion gap is greatest. Drawing on examples of local pilots that have made a tangible difference to communities in different parts of the world, how can we leverage these successes at a time when resilience to economic crises is dangerously low?</p>


DAVOS 2024: Comparing Notes on Financial Inclusion

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<p>Ahead of the 54th Annual Meetings of The World Economic Forum, South Africa situates itself as a global player as they re-examine their economic operations, transparency and service efficiencies.</p>


DAVOS 2024: Focus On South Africa’s preparation ahead of WEF 2024

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<p>At the 54th annual meeting held by the World Economic Forum in Davos, Switzerland, South Africa&#8217;s thriving private sector is showcasing how there is potential for growth and investment in the economy. Through government collaboration with the private sector, South Africa is capable of reaching global heights.</p>


DAVOS 2024: Focus On collaboration for an improved South Africa


<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>We are already doing almost everything on our phones, from buying online to requesting a lift to wherever you would like to go. But Mastercard believes more work needs to be done to further normalize digital transactions through, financial inclusion. Raghav Prasad, Mastercard Division President for Sub-Saharan Africa joins CNBC Africa for more.</p>


How digitalization can help expand financial inclusion in SSA

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<p>Vodacom is offering its customers the ability to “get it now” or “pay for it later”.</p>


Vodacom customers can now buy fast food on credit

Vodacom customers can now buy fast food on credit, here’s how

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<p>Over a billion people across the world entered into the financial system between 2011 and 2017. However, the number of women who own an account with a financial institution has been growing at a sluggish pace especially in low- and middle-income countries. To understand causes and solutions, CNBC Africa spoke to Bryan Pon, Co-founder of Caribou Data.</p>


How to address gender gaps in digital financial inclusion

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<p>Enhancing Financial Innovation and Access; EFINA, has unveiled a framework for advancing financial inclusion for women in Nigeria in collaboration with the Central Bank of Nigeria and the National Financial Inclusion Special Intervention Working Group. EFINA is also calling for proposals from individuals, households and small businesses for its Covid-19 grant, to mitigate the impact of the pandemic. Ashley Immanuel, CEO of EFINA joins CNBC Africa’s Kenneth Igbomor to discuss the objectives of the framework and more.</p>


EFINA partners CBN on framework for advancing women’s financial inclusion

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<p>CNBC Africa spoke with Mamadou Biteye, Vice President, Social Impact, Central Eastern Europe, Middle East and Africa at VISA on their partnership with STEMPower to drive up driving financial inclusion and job creation in Ethiopia.</p>


Visa moves to drive up financial inclusion in Ethiopia

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<p>The 2020 Mastercard Gig Economy Industry Outlook report indicates that there is rapid development of the global Gig Economy, projecting double-digit annual growth for the industry over the next five years. CNBC Africa spoke with Ngozi Megwa, Senior vice President, Digital Partnerships, Middle East and Africa at Mastercard on the purpose of the study and the impact this fast-growing industry has on the East African economy.</p>


financial inclusion

Exploring Rwanda’s Digital Transformation

Focus On Forbes Woman Africa: African Bank on empowering women through financial inclusion

DAVOS 2024: Creative Industries Africa: The Creative Cradle

DAVOS 2024: Sustainability and Inclusion: Together We Rise

DAVOS 2024: Technology to Leapfrog: Leading Innovation, Blockchain, AI & Tokenization

DAVOS 2024: Focus On Financing Africa: Attracting Foreign Investment

DAVOS 2024: Focus On the development and progress of South African banking

DAVOS 2024: Comparing Notes on Financial Inclusion

DAVOS 2024: Focus On South Africa’s preparation ahead of WEF 2024

DAVOS 2024: Focus On collaboration for an improved South Africa

Empowering Africa’s Fintech Ecosystem: A Vision for Growth

How digitalization can help expand financial inclusion in SSA

Vodacom customers can now buy fast food on credit, here’s how

How to address gender gaps in digital financial inclusion

EFINA partners CBN on framework for advancing women’s financial inclusion

Visa moves to drive up financial inclusion in Ethiopia

How digital technology is powering up East Africa’s growing gig economy

News Tips

Advertise With Us

financial inclusion

Exploring Rwanda’s Digital Transformation

Focus On Forbes Woman Africa: African Bank on empowering women through financial inclusion

DAVOS 2024: Creative Industries Africa: The Creative Cradle

DAVOS 2024: Sustainability and Inclusion: Together We Rise

DAVOS 2024: Technology to Leapfrog: Leading Innovation, Blockchain, AI & Tokenization

DAVOS 2024: Focus On Financing Africa: Attracting Foreign Investment

DAVOS 2024: Focus On the development and progress of South African banking

DAVOS 2024: Comparing Notes on Financial Inclusion

DAVOS 2024: Focus On South Africa’s preparation ahead of WEF 2024

DAVOS 2024: Focus On collaboration for an improved South Africa

Empowering Africa’s Fintech Ecosystem: A Vision for Growth

How digitalization can help expand financial inclusion in SSA

Vodacom customers can now buy fast food on credit, here’s how

How to address gender gaps in digital financial inclusion

EFINA partners CBN on framework for advancing women’s financial inclusion

Visa moves to drive up financial inclusion in Ethiopia

How digital technology is powering up East Africa’s growing gig economy

News Tips

Advertise With Us

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