
<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="auto, (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

<div style="max-width: 100%;"></div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<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

<div style="max-width: 100%;"></div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<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

<div style="max-width: 100%;"></div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<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

<div style="max-width: 100%;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6213036711001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<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

<div style="max-width: 100%;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6207730282001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<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

<div style="max-width: 100%;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6196340022001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<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>


How the digital use is powering up the gig economy in East Africa

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

<div style="max-width: 100%;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6195949672001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Mastercard has launched Fintech Express designed to facilitate emerging fintechs’ launch and expansion in the Middle East and Africa. With the power of partnerships and Mastercard’s expertise, technology, and global network, start-ups will be able to focus on innovation that drives the digital economy. On more on this we had a conversation with Gaurang Shah, Senior Vice President, Digital payments and labs for Middle East and Africa at Mastercard.</p>


Mastercard empowers Middle East & Africa fintechs to launch and expand rapidly

<div style="max-width: 100%;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6194576574001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Voices are getting louder around the topic of financial inclusion and ownership in corporates. These efforts aim to change the status quo, so that we can build an inclusive economy amid and post COVID-19. The conversation around equity ownership for lower level employees in companies is gaining traction and Ian Fuhr, Founder of The Hatch Institute &#038; Sorbet Group joins CNBC Africa for more.</p>


How low should financial inclusion & ownership go?

<div style="max-width: 700px;"></div>
<div style="position: relative; display: block; max-width: 700px;">
<div style="padding-top: 56.25%;"><iframe src="https://players.brightcove.net/1571595826001/default_default/index.html?videoId=6187326998001" allowfullscreen="" allow="encrypted-media" style="position: absolute; top: 0px; right: 0px; bottom: 0px; left: 0px; width: 100%; height: 100%;"></iframe></div>
</div>
<p>The current pandemic has radically transformed the world of business, with many having to adapt fast and use unconventional methods to keep their businesses working. Dare Okoudjou, CEO and Founder of MFS Africa joined CNBC Africa on how to solve the money transfer challenge that is preventing African businesses from growing as much as they should.</p>


MSF Africa CEO on how to solve money transfer challenges in Africa amid COVID-19

MFS Africa CEO on how to solve money transfer challenges in Africa amid COVID-19

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6171269389001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Digital transformation is a regarded as a key to drive up financial inclusion in Africa and open banking is one of the trends that are reshaping financial services. Polys Hadjikyriakos, Chief Business Development Officer at NETinfo Plc explains why the continent should embrace it.</p>


Why Africa should embrace open banking

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6169115606001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>The Covid-19 pandemic is making businesses shift their models to working remotely, thereby making authenticated identity increasingly critical to unlock financial inclusion, drive e-commerce and financial services. Esigie Aguele, CEO of Nigerian KYC start-up; Verifyme joins CNBC Africa for more.</p>


COVID-19: Authenticated identity becoming critical as businesses work remotely

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6168232944001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>The great lock-down as it has come to be called accelerated the need for innovative ways as it became more evident that getting financial support to those most in need had become a practical challenge. But how quick could countries accelerate financial inclusion, Raghav Prasad, Division President, Sub-Saharan Africa, Mastercard joins CNBC Africa for more.</p>


Mastercard on how to accelerate financial inclusion amid the COVID-19 crisis

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6161609829001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>This week, Made in Rwanda cashless payment app, Nokanda, a product of software company, Hexacomb; rose to the number one spot on Google Play Store’s, “Top Free” category in Rwanda. The ranking, which often belongs to social media giants such as, WhatsApp and Facebook reflects a change in priorities for mobile users in the country. CNBC Africa spoke to Ernest Kayinamura, founder and CEO of the company for more.</p>


Nokanda becomes first locally made App to rank #1 on Google Play Store Rwanda

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6161344771001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>The FinScope 2020 survey has revealed that access to formal financial services in Rwanda rose by 4 per cent to 93 per cent from 89 per cent in 2016, mainly driven by the rise in informal savings groups as well as the rise in mobile money services. However, the report highlighted low levels of formal banking due to affordability and other issues. Financial literacy expert Isaac Nkusi Zirimwabagabo joins CNBC Africa for more.</p>


FinScope 2020: Rwanda’s financial inclusion rises

FinScope 2020: Rwanda’s financial inclusion rises, banking uptake sluggish

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6156336682001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Prior to the Covid-19 pandemic the Central Bank of Nigeria planned to achieve 80 per cent financial inclusion across its formal and informal sectors by 2020. Managing Director and CEO, VFD Microfinance Bank, Zuby Emodi, joins CNBC Africa to discuss innovative banking and how Nigeria can achieve its set financial inclusion goals.</p>


VFD Microfinance Bank on innovative banking in a COVID-19 world

<div style="max-width: 700px;"><video-js data-account="1571595826001" data-player="default" data-embed="default" controls="" data-video-id="6115248635001" data-playlist-id="" data-application-id="" class="vjs-fluid"></video-js></div>
<p><script src="https://players.brightcove.net/1571595826001/default_default/index.min.js"></script></p>
<p>Achieving financial inclusion for women in Africa is not only beneficial to the women on the continent but has a greater economic impact on Africa according to distinguished scholar Dr. Tererai Trent. CNBC Africa&#8217;s Arnold Kwizera spoke with Dr. Trent for more.</p>


financial inclusion

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

Mastercard empowers Middle East & Africa fintechs to launch and expand rapidly

How low should financial inclusion & ownership go?

MFS Africa CEO on how to solve money transfer challenges in Africa amid COVID-19

Why Africa should embrace open banking

COVID-19: Authenticated identity becoming critical as businesses work remotely

Mastercard on how to accelerate financial inclusion amid the COVID-19 crisis

Nokanda becomes first locally made App to rank #1 on Google Play Store Rwanda

FinScope 2020: Rwanda’s financial inclusion rises, banking uptake sluggish

VFD Microfinance Bank on innovative banking in a COVID-19 world

How gender inclusivity makes women businesses more financially viable

News Tips

Advertise With Us

financial inclusion

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

Mastercard empowers Middle East & Africa fintechs to launch and expand rapidly

How low should financial inclusion & ownership go?

MFS Africa CEO on how to solve money transfer challenges in Africa amid COVID-19

Why Africa should embrace open banking

COVID-19: Authenticated identity becoming critical as businesses work remotely

Mastercard on how to accelerate financial inclusion amid the COVID-19 crisis

Nokanda becomes first locally made App to rank #1 on Google Play Store Rwanda

FinScope 2020: Rwanda’s financial inclusion rises, banking uptake sluggish

VFD Microfinance Bank on innovative banking in a COVID-19 world

How gender inclusivity makes women businesses more financially viable

News Tips

Advertise With Us

Newsletters