How Digital Payments Are Democratising Access to Commerce and Financial Services
Olufunmi Fagbulu Across Africa, a significant economic transformation is taking place through ordinary transactions. It happens when a market trader receives a digital payment for the first time. It happens
Digital payments are playing a significant role in democratising access to commerce and financial services across Africa. As market traders, small business owners, and entrepreneurs increasingly embrace digital transactions, they are gaining entry into the formal economy and enhancing their ability to participate in commerce. This growth is evident in the increased account ownership in Sub-Saharan Africa, which rose from 49% of adults in 2021 to 58% in 2024, according to World Bank data.
The region also boasts the highest usage of mobile money accounts globally, creating new opportunities for saving, transacting, and building financial resilience. However, there is a gap in public understanding of the organisations that enable digital payments. While Visa is often associated with premium cards, international travel, and affluent consumers, it is actually a technology and payments network that connects banks, merchants, fintechs, and consumers.
With a network that connects around five billion payment credentials, over 14,500 financial institutions, and more than 175 million merchant locations across more than 200 countries and territories, Visa plays a crucial role in enabling secure and reliable transactions. This strong payments network opens doors for businesses of all sizes to participate in the digital economy, allowing merchants in Lagos to accept payments from more customers, entrepreneurs to sell online, fintechs to introduce innovative products, and consumers to shop securely wherever they choose.
Brief written by urgent.news from This Day's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
