NAIROBI, Kenya, Apr 5 – Visa Foundation has unveiled plans to contribute USD5 million(Sh665.5million) in grants and impact investments in Africa as support towards women’s participation in the digital economy.
The Foundation investments were made in connection with United States Vice President Kamala Harris’s trip to Africa and the creation of a new Women in the Digital Economy Fund.
This follows Visa’s recent pledge to invest USD1 billion in Africa to advance resilient, innovative, and inclusive economies.
The support by Visa will help increase access to financial solutions and other services for women entrepreneurs in Sub-Saharan Africa, driving equitable digital financial access as countries continue to have a more pronounced digital presence.
“Expanding access to digital financial services lies at the core of Visa’s purpose, and our company and Visa Foundation are committed to helping address gender disparity and connecting more people to the global economy,” said Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa at Visa.
It is estimated that 500 million people in Africa have no access to formal financial services, less than 50 per cent of the adult population made or received digital payments in Africa and more than 40 million business people do not accept digital payments.
Visa and Visa Foundation have shown a dedication towards expanding financial inclusion by empowering small-business and women-led entrepreneurship in Africa through various programmes.
