There are very many innovators in Africa who come up with a lot of ideas but only a percentage of these innovations end up creating useful products for the continent. This has brought a need to empower innovators in Africa and fostering collaboration amongst the innovators. This is the void that the Visa Innovation Centre is looking to fill.
The Visa Innovation Centre was launched in Nairobi in April 2022 with a clear vision for the 21st century. Visa aims to make paying with their platform in the digital world as simple, if not simpler, than physical transactions. The company strives to ensure that digital payments are secure, rewarding, and convenient, aligning with the evolving needs of consumers worldwide.
As the studio marked a year’s anniversary of fostering innovation in Africa, it is clear the there’s an enormous potential to accelerate the global adoption of digital payments, especially considering the staggering $17 trillion still in circulation in cash and checks. Visa’s innovation strategy is driven by this compelling opportunity.
By leveraging technology and fostering collaboration, Visa is determined to shape the future of commerce and provide individuals, businesses, and economies with the access they need to thrive.
The Visa Innovation Centre in Nairobi serves as the perfect hub for this ambitious undertaking. Kenya boasts a thriving community of start-ups, incubators, and accelerators, making it an ideal environment to nurture innovation and drive meaningful change in the payments industry. By harnessing the local entrepreneurial spirit, Visa aims to tap into the existing ecosystem and create a platform for collaboration and co-creation.
At the core of the Visa Innovation Centre’s objectives are three key focus areas: accelerating digital issuance, empowering small merchants, and developing and deploying new technologies. These technologies include innovations such as scan-to-pay solutions, which are revolutionizing the way people make transactions. By providing digital issuance capabilities, Visa enables faster and more seamless access to digital payment options.
Empowering small merchants is another critical aspect of the centre’s mission. Recognizing that these businesses play a vital role in local economies, Visa is committed to providing them with the tools and resources necessary to thrive in the digital age. Through tailored solutions and support, small merchants can enhance their operational efficiency and expand their customer base, ultimately driving economic growth and financial inclusion.
Moreover, the Visa Innovation Centre is designed to facilitate collaboration and idea sharing among employees, clients, and partners. The centre embodies the workplace of the future, where innovation and creativity can flourish. By providing a conducive environment for solution creation and user experience development, Visa aims to spark transformative ideas and forge valuable partnerships.
By empowering African innovators, nurturing collaboration, and leveraging emerging technologies, Visa is actively shaping the future of commerce in Africa and beyond. With its unwavering commitment to simplicity, security, and convenience, Visa is paving the way for a digital payment landscape that benefits individuals, businesses, and economies alike.