#1
VISA
In an increasingly interconnected world, the demand for digital payment solutions is skyrocketing. As economies evolve and the digital landscape expands, the necessity for secure, reliable, and convenient payment systems has never been more crucial.
Visa Inc., a global leader in digital payments, stands at the forefront of this transformation, facilitating seamless transactions across more than 200 countries and territories. Visa’s mission to connect the world through the most innovative and secure payments network aims to uplift individuals, businesses, and economies alike. This commitment to inclusivity and access positions Visa as a cornerstone of the future of money movement.
Kenya, a pivotal market for Visa’s growth ambitions in East Africa, exemplifies the company’s dedication to driving digital payments and financial inclusion. The Visa office in Nairobi, established in 2011, serves as the headquarters for Visa East Africa, overseeing 13 markets, including Uganda, Tanzania, Rwanda, Mauritius, and Ethiopia. Over the past decade, Visa has broadened and deepened its footprint in Kenya, partnering with over 40 financial institutions, encompassing banks, fintechs, and mobile network operators (MNOs), and supporting digital payments for over 140,000 merchant locations, including small and medium-sized enterprises (SMEs).
One of Visa’s notable achievements in Kenya is the establishment of the sub-Saharan Africa (SSA) Innovation Studio in Nairobi in 2022. This studio, part of Visa’s global network of innovation centres, brings together institutions from across SSA to co-create and innovate the future of digital payments. The Nairobi Innovation Studio joins the ranks of Visa’s innovation hubs in San Francisco, London, Singapore, and Dubai, fostering collaboration and driving forward-thinking solutions tailored to the African market.
Visa’s investment in technology underscores its commitment to reducing fraud and enhancing network security. Globally, Visa has invested over USD 10 billion in technology over the past five years. In Kenya, Visa collaborates closely with clients and the Central Bank of Kenya (CBK) to ensure safe and secure payments. The company works with Chief Risk Officers (CROs) from various banks and the Kenya Bankers Association (KBA) to establish regular risk forums, encouraging open dialogue and proactive discussions on managing emerging risks.
A significant milestone in Visa’s efforts to expand its credentials to mobile is its partnership with Kenya’s largest mobile operator, Safaricom PLC. Through the mobile money platform M-PESA, Visa developed a virtual e-commerce card, enabling consumers to purchase goods and services internationally. This collaboration highlights Visa’s innovative approach to enhancing consumer experiences and driving digital inclusion.
Visa’s commitment to supporting startups and SMEs in Kenya is evident through various initiatives aimed at enabling local entrepreneurs to build, launch, and scale their solutions. The Visa Fast Track Program accelerates the Visa integration process for fintechs, allowing them to leverage VisaNet’s global reach, capabilities, and security. Additionally, the Visa Ready to Launch program, in partnership with selected payment enablers, offers a plug-and-play end-to-end card issuance platform for fintechs.
The Visa Everywhere Initiative (VEI) further underscores Visa’s support for innovation. This global open innovation competition invites startups to pitch their solutions to address future payment and commerce challenges. Since its inception in 2015, VEI has assisted over 12,000 startups from 100 countries in raising more than USD 16 billion in funding. In 2023, AIfluence, Africa’s first artificial intelligence (AI)-driven influencer marketing platform, won the VEI Kenya competition, demonstrating Visa’s commitment to fostering local talent.
Visa’s support for women entrepreneurs is exemplified by the She’s Next Women Empowerment program. This initiative provides funding, training, and mentorship to women-owned small businesses. The inaugural She’s Next Kenya Finals saw Busu Naturals, an SME manufacturing local emollients, win the grand prize of USD 20,000. The program underscores Visa’s dedication to creating an inclusive, equitable world where women business owners can thrive.
In partnership with the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA), Visa aims to improve access to formal financial services for underserved communities and small businesses in Kenya and Tanzania. This collaboration leverages the co-operative and SACCOs movement and Visa’s network to reach millions of unbanked and underbanked individuals.
Visa’s commitment to Kenya extends to the digitisation of government services. The company supports the government’s e-citizen platform, enabling citizens, non-citizens, and businesses to access government services online and make payments electronically. Through its secure payment gateway, CyberSource, Visa ensures safe and convenient payments for government services. The eCitizen Gava Mkononi mobile app also features a Visa powered virtual wallet designed to facilitate secure and convenient payments for government services.
In February 2024, Visa appointed Chad Pollock as the Cluster Country Manager and Vice President for East Africa. Pollock’s extensive experience in finance, technology, and energy, combined with his previous role as Vice President and Head of Global Client Strategy & Operations, positions him to drive Visa’s goals of promoting digital payments and financial inclusion in the region. His leadership is expected to further Visa’s mission to uplift everyone, everywhere by being the best way to pay and be paid.
Visa’s new brand promise, ‘Power of Small Steps’, emphasises the importance of perseverance and incremental progress in achieving success. This campaign features cultural icons and world-class athletes, including Pharrell Williams and Iga Świątek, who embody Visa’s belief that success does not happen overnight but through continuous effort and small steps forward.
Visa’s journey in Kenya reflects its broader mission to connect the world through innovative, reliable, and secure payments. Through strategic partnerships, technological investments, and a commitment to inclusivity, Visa is driving business and economic growth in Kenya and indeed the broader East Africa region.
