Visa Inc. (NYSE:V), a global leader in digital payments technology, underscored its commitment to growing digital payments in the Democratic Republic of the Congo with the establishment of local business operations and working closely with the government and the financial ecosystem to bring and benefit consumers, merchants and partners the advantages of digital payments.
Visa marked the official opening of its Kinshasa office and the birth of a series of partnerships in the Democratic Republic of Congo during a visit by Al Kelly, Chairman and CEO of Visa. With an estimate that only a quarter of the DRC’s population is part of the financial ecosystem, Visa brought together public and private sector stakeholders to discuss opportunities to further develop the digital payments ecosystem in the country.
Visa’s partnerships in the DRC aim to expand consumer access to the digital economy by introducing new payment credentials, as well as solutions to help more businesses accept digital payments. The first partners include the Central Bank of the Democratic Republic of Congo, as well as financial institutions, fintechs, merchants and mobile operators. Immediate partnerships include introducing Visa payment credentials for over 150,000 M-PESA customers in the DRC and accelerating acquiring and financial inclusion with fintech Infoset through Visa’s CyberSource platform.
“The DRC is one of the most dynamic countries in Africa, and we are happy to establish a local presence. By working closely with public and private sector partners, we have a common goal of expanding access to digital commerce and supporting the goals of the DRC economy,” said Al Kelly, Chief Executive Officer General of Visa. “Visa’s goal is to empower everyone, everywhere by being the best way to pay and get paid, which we accomplish when we include more customers and merchants in the financial system. This plays a critical role in ensuring lasting prosperity, and we look forward to new programs, initiatives and partnerships that can help further accelerate economic and societal progress. »
Additionally, Visa is launching two initiatives to foster financial inclusion and job creation in the Democratic Republic of Congo. A new program launched with Vodacom will promote financial inclusion for women with disabilities and a three-year partnership with FPM in which Visa will provide US$1 million for a financial education program for cooperatives, mobile money and education and learning institutions.
The Roadmap for Financial Inclusion in the DRC, which sets out national priorities for improving financial inclusion in the DRC, emphasizes that effective payment systems are essential for the economic growth of the country’s population and the success the country’s financial inclusion aspirations.
“We have seen the benefits of the accelerated digitization of commerce and financial movements in many economies, and this is only possible through continued collaboration with governments and industry stakeholders. We look forward to partnering to support the fast-growing financial ecosystem in the DRC, while leveraging our payment network to enable consumers and local businesses to thrive,” added Aida Diarra, Senior Vice President and Director. General for Sub-Saharan Africa at Visa.