Airline body urges African governments to act on opening market access
‘Strategies don’t move people. Now it is time to make the difficult decisions and execute them,’ senior executive stresses.
DIGITAL COMMERCE
Visa plans to boost its digital commerce activities in Africa
By our News Team | 2023
Multinational financial services giant will invest US$1-billion on the continent over next five years to accelerate digitisation.
The growing potential of digital commerce as a business opportunity for African companies and their marketing teams has again been emphasised by the recent announcement from Visa that it plans to invest up to US$-billion across Africa.
This was confirmed by Visa Chairman and CEO, Alfred F. Kelly Jr., during the 2022 US-Africa Business Forum held in Washington DC in December.
Image by Firmbee from Pixabay
“Visa has been investing in Africa for several decades to grow a truly local business, and today our commitment to the continent remains as firm and unwavering as ever,” Kelly said.
“Every day, Visa supports digital commerce and money movement in every country across the continent, and Africa remains central to Visa’s long-term growth plans. We look forward to continuing to work closely with our partners to advance the financial ecosystem, accelerate digitisation and to build resilient, innovative and inclusive economies that will create shared opportunity and further spur Africa’s digital economy.”
The investment will be spread over the next five years and should, among other things, help to reduce the huge number of unbanked consumers on the continent. According to data from the World Bank, there are around 500-million unbanked people in sub-Saharan Africa alone. Once people are banked, it becomes far easier for them to participate in the digital economy.
An unprecedented digital acceleration in Africa
Adds Aida Diarra, Senior Vice President of Visa Sub-Saharan Africa: “Africa is experiencing an unprecedented digital acceleration, with a growing number of consumers, merchants and businesses realising the benefits of secure and convenient digital payments to fuel commerce and money movement.
“Over the past year, Visa has continued growing our investment in Africa through new offices, new innovations and solutions, and programmes that are directly supporting financial inclusion. [This] investment pledge outlines our long-term commitment to Africa and the work we will do to help advance the financial ecosystem.”
A September 2022 article by McKinsey consulting, entitled ‘The Future of Payments in Africa’, noted that: “On average, only 5 to 7 percent of all payment transactions in Africa [in 2020] were made via electronic or digital channels, compared with 50 percent or more in Turkey, for instance.
“This means e-payments are a major growth opportunity on the continent, especially as the convenience and scalability of payment methods improve and supporting infrastructure develops.”
Uganda Tourism Board partners with major European ice hockey league
UTB says its ambition is to turn the visibility into interest, bookings and more visitors choosing to explore Uganda.
Researchers explain why 10-second micro ads outperform longer spots
Short ads shown on TV increased website visits within five minutes of airing by 10-40% compared with longer advertisements.
Competition continues to grow in the Moroccan supermarket sector
Supeco’s rapid expansion shows how the discount model is becoming a bigger part of grocery retail in the North African country.
Study identifies harmful paradox behind well-meaning green efforts
Consumers reward visible eco-friendly additions such as reusable bottles, but give little credit to businesses that reduce or remove products.
President Mahama commissions expanded evaporated milk facility in Ghana
Nestlé believes Ghana will continue to play a leading role in the future of Central and West Africa.
Momentum beginning to build for 2027 ACCS gathering in Addis Ababa
Ethiopia’s marketers gather to celebrate hosting next year’s conference – but with an eye on the hard work ahead.
PwC report examines the future of African entertainment and media
Tech is creating more ways for audiences to connect, but lasting value will come from understanding the people behind those connections.
Unilever investment expands its Vaseline production capacity in Africa
The new production line at the historic Maydon Wharf facility in Durban will address growing international demand.
World MICE Awards in Jamaica honour best African and global achievers
Tanzania, Kenya, Zimbabwe, Ethiopia and South Africa all feature in the African meetings, incentives, conferences and exhibitions awards.
AI won’t replace market research. But it will expose weak strategy
Much of the broader conversation around AI in market research assumes conditions that do not consistently exist across many African markets, writes Soyinka Witness.