Visa To Invest $1 Bln In Africa By 2027

(RTTNews) - Visa Inc. (V), a financial services company, on Wednesday said it is committed to invest $1 billion in Africa over the next five years to boost digital payments and financial services.

"The pledge will further scale Visa's operations in Africa, and deepen collaboration with strategic partners including governments, financial institutions, mobile network operators, fin-techs and merchants," the company said in a statement.

As of now, an estimated 500 million people in Africa don't have access to formal financial services and also less than half of the adult population haven't yet made or received digital payments.

In addition, over 40 million merchants do not accept digital payments in the continent.