Visa's DRC office launch.

Global payments tech firm Visa has outlined its commitment to expanding digital payments in the Democratic Republic of Congo by establishing local business operations and working closely with the government and financial ecosystem.

During a recent visit by the company’s Chairman and CEO AI Kelly, the company officially unveiled its Kinshasa office and provided an overview of several partnerships already established in the DRC.

Visa, along with stakeholders from the public and private sector, are discussing opportunities linked to Fintech and an increase in financial inclusivity in the country.

According to Visa, only a quarter of the DRC population estimated to be included in the financial ecosystem.

Visa’s immediate partnerships in DRC are centred around the introduction of new payment credentials, as well as solutions to help more businesses accept digital payments.

Initial partners include the Central Bank of the Democratic Republic of Congo, as well as financial institutions, Fintechs, merchants and mobile operators.

Immediate partnerships include introducing Visa payment credentials for more than 150,000 DRC M-Pesa customers and accelerating acquiring and financial inclusion with Fintech Infoset through Visa’s CyberSource platform.

Kelly said, “The DRC is one of the most dynamic countries in Africa, and we are pleased to establish a local presence. By working closely with public and private sector partners, we have a shared goal to expand access to digital commerce and support the goals of the DRC economy. Visa’s purpose is to uplift everyone, everywhere by being the best way to pay and be paid, which we accomplish when we include more consumers and merchants in the financial system. This plays a critical role in enabling lasting prosperity, and we look forward to introducing new programs, initiatives and partnerships that can help further accelerate economic and societal progress.”

Two new initiatives

Visa has also announced the launch of two initiatives aimed at financial inclusion and job creation.

The first is a new program being launched with Vodacom to drive financial inclusion for women living with disabilities and a three-year partnership with FPM where Visa will grant US$1-million to a financial education program targeted at cooperatives, mobile money operators and learning institutions.

The DRC Financial Inclusion Roadmap, which lays out the national priorities for the enhancement of financial inclusion in the DRC, highlights efficient payment systems as critical to socio-economic growth of the country’s population and the success of the country’s financial inclusion aspirations.

Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa at Visa, added, “We have seen the benefits of fast-tracking digitisation of commerce and money movement in many economies, and this is only possible through continued collaboration with government and industry stakeholders. We look forward to partnering to support the fast-growing financial ecosystem in DRC, while leveraging our payments network to enable both local consumers and businesses to thrive.”