Visa Inc plans to invest $1 billion over the next five years in Africa to capitalize on the emerging economy's rapid growth in digital payments, the company said at the U.S.-Africa Leaders Summit on Wednesday.
"Visa has been investing in Africa for several decades to grow a truly local business," Chief Executive Officer Alfred Kelly Jr said in a statement. Africa's booming e-payments market is expected to see revenues grow by nearly 20 per cent a year, reaching around $40 billion by 2025, compared with about $200 billion in Latin America, the report added.
The world's largest payments processor has added over 50 per cent more employees in the continent since the end of 2019, with the vast majority during the pandemic, he added.
Source: News Formal (newsformal.com)
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