Image: ReutersVisa 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 US-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% 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% more employees in the continent since the end of 2019, with the vast majority during the pandemic, he added.
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