VISA has announced a substantial £1bn investment aimed at accelerating digital transformation and financial inclusion across Africa. With 250 million Africans anticipated to join the consumer class by 2030, representing a potential £3 trillion consumer spending boom, Visa is positioning itself as a key driver in Africa’s rapidly evolving financial landscape.
As part of this commitment, Visa has entered into a five-year strategic partnership with EFT Corporation (EFTCorp), an African focused fintech provider, to expand financial access and introduce advanced payment solutions throughout the continent. Aida Diarra, Senior Vice President and Head of sub-Saharan Africa at Visa, and Clayton Hayward, Group CEO of EFTCorp, are spearheading the initiative, which aims to bring modern, inclusive financial services to Africa’s fast-growing population.
A partnership for digital inclusion
Africa’s population is projected to double by 2050, creating immense opportunities for inclusive growth, innovation, and technological advancement. This partnership combines EFTCorp’s deep local market knowledge with Visa’s global expertise, establishing a powerful platform to transform financial inclusion on the continent.
‘This partnership represents a win-win scenario,’ said Hayward. ‘While we bring local expertise and infrastructure, Visa’s commitment and resources will support our business objectives. We are providing forward-thinking solutions for Africa’s young population, who want accessible, modern digital financial services.’
The initiative is the first project under EFTCorp’s newly established EFT Ventures division, focused on expanding digital access across Africa through robust, localised infrastructure and expertise.
Empowering fintechs for a digital future
The collaboration will give fintechs access to comprehensive prepaid and debit card programmes, supported by EFTCorp’s extensive experience as a trusted partner to banks and fintechs across Africa. EFTCorp’s role as programme manager and issuer processor will streamline payment processing, empowering fintechs to scale their operations and enhance service offerings.
For fintechs, this means reliable, end-to-end banking solutions covering card issuing, acquiring, wallets, Know Your Customer (KYC) services, microfinance, and SME banking. This enables fintechs to grow sustainably while relying on EFTCorp’s world-class support, expanding financial access for African consumers.
‘The selected fintechs will be those whose business cases show the potential to create a lasting impact,’ explained Hayward. To enhance the programme’s effectiveness, EFTCorp will host roundtable discussions with fintechs in key regions, including Ethiopia, Kenya, and Ghana, to address local challenges and opportunities for growth.
Strengthening financial inclusion in Africa
For Visa, this investment underscores a long-term commitment to supporting Africa’s financial ecosystem. ‘Our mission to connect the world through payment innovation aligns closely with EFTCorp’s vision for Africa,’ said Diarra. ‘This partnership enhances financial inclusion in key markets by merging EFTCorp’s local expertise with Visa’s global resources, delivering unique payment solutions across the continent.’
The collaboration is designed to be inclusive, bringing together banks, telecom providers, retailers, governments, and fintechs under a unified digital framework. Through this partnership, Visa and EFTCorp seek to uplift African economies and improve consumer experiences by transforming digital payments.
The investment represents a significant milestone for both companies, who view it as a stepping stone toward a more inclusive, connected, and financially empowered Africa.
Credit: Africabriefing
