#13
VISA EA
The democratisation of financial services is an inherent act of Environmental, Social, and Governance (ESG) stewardship. By bridging financial gaps, Visa enables millions to participate in the formal economy, empowering individuals, businesses, and communities to thrive. This commitment promotes social equity as well as supports resilient economies – a principle that drives Visa’s operations globally. In sub-Saharan Africa (SSA), Visa’s unwavering focus on digital inclusion and sustainability has positioned the organisation as a champion of ESG practices, ensuring access to secure, innovative, and reliable financial services for all.
Established in Kenya in 2011, Visa East Africa (EA) operates across 13 regional markets, including Uganda, Tanzania, Rwanda, Mauritius, and Ethiopia. With partnerships encompassing over 40 financial institutions and 140,000 merchants, Visa facilitates millions of daily digital transactions in the region. The company’s SSA Innovation Studio in Nairobi – Visa’s only such hub on the continent – serves as a collaborative platform for co-creating the future of payments, further solidifying Visa’s role as a leader in financial innovation.
Visa’s efforts in advancing financial inclusion are rooted in partnerships and programs that directly address the needs of underserved populations. A standout initiative is the collaboration with Safaricom’s M-Pesa, which led to Kenya’s first virtual e-commerce card. This innovation allows millions of mobile money users to engage in international transactions, bridging the gap between local and global markets.
Additionally, Visa’s low-cost acceptance solutions for small merchants have been transformative. By introducing tap-to-phone technology, Visa enables small businesses to accept card payments directly through their mobile phones. This low-barrier solution is particularly impactful in rural areas, where infrastructure for traditional point-of-sale systems may be lacking.
Visa has also partnered with the African Confederation of Cooperative Savings and Credit Associations (ACCOSCA) for the Financial Inclusion in Kenya and Tanzania (FIKT) project. Leveraging the cooperative movement and Visa’s network, this initiative aims to extend financial services to millions of unbanked individuals, enhancing their economic resilience.
Visa’s robust support for startups and micro, small and medium enterprises (MSMEs) is a cornerstone of its ESG efforts. Recognising the critical role of these businesses in economic development, Visa has designed programs to help them scale, innovate, and thrive. Some of these include:
- Visa Fast Track Program: This initiative accelerates the integration of startups into Visa’s payment ecosystem. By providing access to VisaNet, the program equips fintechs with the tools and security needed to launch payment solutions efficiently.
- Visa Ready to Launch: An end-to-end card issuance platform, this program simplifies the process for fintechs to roll out new card programs and payment solutions. By bundling products and services, Visa ensures startups can seamlessly bring their innovations to market.
- Visa Everywhere Initiative (VEI): A global competition fostering innovation in payments and commerce, VEI has been a game-changer for African startups. Since its inception in 2015, the initiative has supported over 12,000 startups from 100 countries, helping them raise more than USD 16 billion in funding. Recent African successes include Kenya’s Aifluence, which won the audience favourite award at the 2023 regional final. Aifluence, an AI-driven influencer marketing platform, has since collaborated with Visa to enhance customer acquisition for brands.
- Visa Africa Fintech Accelerator: Launched in 2023, this program supports up to 40 startups annually through a three-month intensive mentorship and business growth initiative. Startups receive expertise, connections, and technology access, with select participants securing capital investments of up to USD 250,000. The inaugural cohort showcased innovations in Nairobi, drawing interest from ecosystem players and investors.
- She’s Next Program: Visa’s flagship initiative for women entrepreneurs, She’s Next, is designed to empower women-led SMEs through funding, training, and mentorship. In Kenya, the program selected standout businesses like Busu Naturals, which received USD 20,000 to scale operations, while Timao Group and Code with Kids received USD 15,000 and USD 8,000, respectively. The initiative underscores Visa’s commitment to fostering gender equity in business.
Visa’s collaboration with the Kenyan government has been instrumental in digitising public services, a key ESG milestone. Through its secure payment gateway, CyberSource, Visa has facilitated electronic payments on platforms like e-Citizen and i-Tax, making government services more accessible and efficient. The Gava Mkononi mobile app, which integrates a Visa digital wallet, further enhances the convenience and security of paying for government services.
Visa’s commitment to ESG extends to ensuring the safety and sustainability of the financial ecosystem. With global investments exceeding USD 10 billion in technology over five years, Visa has solidified its position as a leader in cybersecurity. In Kenya, the company collaborates with the Central Bank and banking institutions to strengthen payment security and resilience, hosting regular forums with Chief Risk Officers (CROs) to address emerging threats.
On the innovation front, Visa is driving the adoption of contactless and QR payment solutions, enhancing consumer choice and convenience. These advancements not only streamline transactions but also support broader financial inclusion goals by simplifying access to digital payments.
At the helm of Visa EA is Chad S. Pollock, whose diverse career – from serving as a Navy submarine officer to leading global client strategies at Visa – brings unparalleled expertise to the region. Pollock’s commitment to upholding Visa’s ESG standards is evident in his leadership, which prioritises innovation, inclusion, and sustainability. Under his guidance, Visa EA continues to build on its legacy of transformative impact across SSA.
Visa EA’s commitment to ESG principles is reshaping the financial landscape in SSA. The blueprint serves as a powerful example for other corporations, proving that business success and social responsibility can, and must, go hand in hand.
AUTHOR: KAREN NDUKU
EDITOR: DR. HANNINGTONE GAYA
