October 28, 2024, Nairobi, Kenya — Visa Inc. (NYSE: V), a global leader in digital payments, has announced a five-year partnership with the United States Agency for International Development (USAID) aimed at accelerating digital government systems and payment solutions in emerging markets. This strategic collaboration is set to promote financial inclusion and foster economic growth by facilitating access to open, secure, and inclusive digital systems across Sub-Saharan Africa, Latin America and the Caribbean, and the Caucasus, with potential expansion to additional regions.
The announcement follows USAID’s recent launch of its Digital Policy, marking an enhanced commitment to help governments adopt platforms that link citizens to essential services. Through this partnership, Visa and USAID intend to combine their respective expertise in digital payments, digital government infrastructure, and community support to empower local populations and small-to-medium enterprises (SMEs).
“Digital government systems can help enhance transparency and efficiency between communities and governments, fostering a more favorable environment for entrepreneurs and economic development,” noted Chris Newkirk, Visa’s Global Head of New Flows – Commercial & Money Movement Solutions. “Through shared interests and goals, Visa and USAID will empower communities with digital and financial literacy and support access to digital systems that will help drive financial inclusion for everyone, everywhere.”
Christopher Burns, Chief Digital Development Officer and Director of USAID’s Technology Division, emphasized the importance of a collaborative approach. “Digital development works best when governments and the private sector intentionally work together toward a shared vision of an inclusive digital future. We look forward to deepening our partnership with Visa, as we jointly work to drive digital financial inclusion for traditionally underserved consumers and strengthen digital public infrastructure across emerging markets.”
Building on their long-standing relationship, Visa and USAID’s latest partnership aims to further expand the reach of digital services, taking inspiration from their joint success in Ukraine. In collaboration with Ukraine’s Ministry of Digital Transformation, Visa and USAID contributed to the development of the mobile application Diia, which has provided 19 million Ukrainians access to over 120 government services.
Additionally, the two organizations are key founding members of the Climate Gender Equity Fund (CGEF), part of USAID’s Women in the Sustainable Economy (WISE) Initiative. Visa Foundation has committed grants and investments to support up to 1.4 million climate-resilient and gender-equitable small businesses globally through this fund.
Together, Visa and USAID aim to drive inclusive digital transformation, improve financial access, and help bridge the gender digital divide, ultimately bolstering economic resilience and opportunity across developing markets.