VISA Inc Announces US$1 Billion Investment To Promote Financial Inclusion In Africa

Visa Inc. has announced a US$1 billion investment to promote financial inclusion in Africa. Speaking at the 2024 Digital Government Africa Summit in Chongwe district, Visa Senior Vice President and Group Head for Africa Aida Diarra said the money is meant to sustain and improve financial inclusion on the Continent.

Ms. Diarra revealed that Africa needs US$33 billion in order for a substantial percentage of the continent’s population to be included in the financial sector.

And officiating at the Summit this morning, President Hakainde Hichilema called on African countries to embrace digitization in order to accelerate development and uplift people’s lives.

President Hichilema noted that digitization also promotes trade and integration among African countries, reduce the cost of doing business and make life easy.

The Head of State said digital tools offer immense opportunities for African countries to better serve their citizens and grow their economies.

He emphasized the need for the Continent to invest in digitization as it is the sure way of improving people’s lives and making governments work.

Speaking at the same event, Minister of Technology and Science Minister, Felix Mutati revealed that the country has made progress in setting up an Artificial Intelligence Center of Excellency in Lusaka and the formulation of the AI strategy.

Mr. Mutati said his Ministry is making progress in realizing the two goals by collaborating with Google and the Tony Blair Institute to promote digitization.

Meanwhile, Home Affairs and Internal Security Minister Jack Mwiimbu revealed that 1.5 million Zambians have been captured on the Integrated National Registration Information System (INRIS), which government is implementing in order to enhance security, prevent fraud and reduce costs.

Mr. Mwiimbu also disclosed that 80% of records in his Ministry have now been digitized from the manual records.

On the other hand, Senator Garba Maidoki of Nigeria revealed that the Information and Communication Technology (ICT) sector in his country has created 2.5 million jobs.

Senator Maidoki disclosed that Nigeria has 250 Fintechs which contribute US$500 billion annually to the nation’s Gross Domestic Product (GDP).
He called on African countries to provide an enabling environment for the ICT sector to thrive and create development.