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Visa highlights innovation capabilities for financial inclusion

Visa, a global player in digital payments, has highlighted key innovation capabilities that will accelerate financial inclusion in sub-Saharan Africa. Hosting industry stakeholders at an event focused on innovation, the company highlighted co-creation as an essential component in developing market-ready payment solutions to accelerate access to financial services.

Speaking during the 2021 Visa Africa Innovation for Inclusion Summit, Senior Vice President and Group Country Manager for sub-Saharan Africa at Visa, Aida Diarra, said over the last decade, Visa had taken a keen focus in collaborating with key players across the payments landscape to enable access to digital payments.

Read Also: Visa introduces ‘Visa Secure’ for secured payments and improved online experience

“We continue to partner with leading players in sub-Saharan Africa including banks, fintechs, neobanks and telecommunications companies to enable new payment experiences that accelerate inclusion across the region,” Diarra said.

According to her, “Some of our latest partnerships are leveraging the power of mobile as an access point to financial inclusion, including a partnership to develop products that will expand access to digital payments at scale for over 30 million mobile money customers.

“We are also driving access for small businesses through the launches of tap to phone and an exciting pilot that will serve as a solution to help small business owners digitise their business, covering payments, point of sale and access to credit, via a mobile device.”

Visa’s Head of Innovation and Product Design, Central Europe, Middle East and Africa (CEMEA), Akshay Chopra, who spoke about the capabilities necessary to accelerate future payment experiences and solve real consumer and merchant needs, said: “To foster real inclusion we need tangible, customer-centric solutions that, with our innovation and design centre capabilities, our partners have a chance to engage with key trends and the latest Visa technologies through a number of design processes to identify where the gaps and opportunities are.”

Chopra explained that the COVIF-19 pandemic that devastated global economies, compelled Visa to think of new ways to still deliver on its innovation mandate.

“Since the onset of COVID-19, we have delivered over 120+ engagements remotely, through our team that has built deep expertise in running productive engagements regardless of location, ” he added.

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