Visa has launched a mobile solution that offers access to digital payments and account-to-account money movement in the Democratic Republic of the Congo (DRC).
According to a statement, the solution Visa Pay is an interoperable and secure way for banked and unbanked consumers to pay, get paid, and move money across participating banks and mobile networks.
Visa Pay will be launched in partnership with eight financial institutions; Access Banque, Banque Gabonaise et Française Internationale, Equity Bank, FirstBank DRC, Sofibanque, Solidaire Banque, Trust Merchant Bank, and United Bank for Africa.
It is available as a mobile app on the Apple App Store, and Google Play Store, it is also an integration option for banks, allowing them to embed Visa Pay features directly into their own mobile apps.
The company previously said fewer than a quarter of DRC businesses accept digital payments, and 90% of payments in the country are made with cash, only 5% of the population have a bank account, and even fewer have means of digital payments.
As the utilisation of digital payments across the country increases, it offers a way to deepen the government’s understanding of what is driving the national economy and support businesses and consumers accordingly.
With a focus on accessibility, affordability, and convenience, the solution is tailored to meet the financial needs of individuals and businesses in the country, noted the firm.
Additionally, as a mobile-first solution, it provides enrolment, risk and fraud prevention capabilities, and near real-time account-to-account money movement in two currencies – CDF and USD. It also enables cash in / cash out at banks’ branches and facilitates online payments through virtual cards.
“Through Visa Pay, we aim to stimulate economic growth and to help establish the DRC as a regional leader in financial technology,” commented Sophie Kafuti, general manager for Visa DRC.
“By harnessing the transformative power of digital payments with local partnerships, Visa aims to unlock opportunities and empower both individuals, and businesses to achieve their full potential,” added Visa.
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