• Visa Pay is an interoperable payments solution that enables users to pay, get paid and move money.  
• Visa Pay is now available as a mobile app on the Apple App Store and Google Play Store and as a flexible integration option for banks to embed Visa Pay features directly into their own mobile apps. 
• Visa Pay will be first available through five partner banks — Access Banque, FBN, Sofibanque, Solidaire Banque, and UBA with BGFI, Equity Bank and TMB launching soon.

Visa, a global leader in digital payments, has launched Visa Pay, an innovative mobile solution that provides access to digital payments and account-to-account money movement in the Democratic Republic of the Congo (DRC).

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.  

With a focus on accessibility, affordability, and convenience, Visa Pay is tailored to meet the unique financial needs of individuals and businesses in the country.

As a mobile-first solution, Visa Pay offers easy enrolment, advanced 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. 

The launching in the DRC in partnership with eight financial institutions: Access Banque, BGFI, Equity Bank, FBN, Sofibanque, Solidaire Banque, TMB, and UBA.

It is available as a mobile app on the Apple App Store and Google Play Store and also as a flexible integration option for banks, allowing them to embed Visa Pay features directly into their own mobile apps. 

Sophie Kafuti, general manager for Visa DRC said: “We are excited to launch Visa Pay, an interoperable solution to scale digital payments in the country. The launch is part of our commitment to driving innovative solutions as a catalyst for greater financial inclusion, helping to provide broader access to the digital economy. Through Visa Pay, we aim to stimulate economic growth and to help establish the DRC as a regional leader in financial technology”. 

The launch of solution in the Democratic Republic of Congo (DRC) exemplifies Visa’s commitment to promoting financial inclusion and supporting economic growth.

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. 

• Commitment underpinned by strategic investments, public-private partnerships, and market innovation initiatives
• Focus on enabling MSMEs, scaling cross-border payments, and empowering fintech companies

Africa’s digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030.

As a longstanding technology partner to Africa, Mastercard continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.

By fostering collaboration with key stakeholders, Mastercard aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.

Driving Africa’s digital growth

Mastercard’s investments will focus on three key areas to further accelerate digital adoption and financial inclusion:

1. Enabling Africa’s Micro, Small and Medium Businesses (MSMEs)
2. Empowering Africa’s fintech sector
3. Scaling remittances and cross-border payments

“Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard.

 Africa’s digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent.

According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% per year​.

These trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.

“For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent’s continued digital transformation. Our investments today will help build a more resilient economy for the future,” said Mark Elliott, division president, Africa, Mastercard.

1. Enabling Africa’s Micro, Small and Medium Businesses (MSMEs)

Recognizing that MSMEs account for over 50% of Africa’s GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion.

This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group.

The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years.

Community Pass is a social enterprise initiative that digitizes and connects remote, and rural communities to governments, NGOs, and private sector services.

To further fuel the potential of Africa’s MSMEs, Mastercard will accelerate easy access to its proprietary solutions such as Tap on Phone and SME-in-a-Box.

The technology company will also continue to enable access to finance through its Track Micro Credit Program, which has already benefited thousands of micro merchants. Furthermore, African entrepreneurs will continue to gain knowledge on how to thrive as business owners through free learning resources such as The Entrepreneur’s Odyssey and Mastercard Trust Center.

2. Empowering Africa’s fintech sector

Africa’s fintech ecosystem is a key driver of digital transformation and economic progress. Nearly half of all fintech firms on the continent have been founded in the last six years, collectively raising $6 billion in equity financing since 2000.

Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets.

For example, Mastercard’s partnership with M-Pesa in Kenya and MTN Group Fintech has enabled millions of unbanked individuals to access digital financial services through mobile money platforms.

Similarly, Mastercard’s collaboration with digital wallet providers and e-commerce platforms has facilitated the integration of payment solutions into digital ecosystems, enabling seamless transactions for consumers and merchants alike.

For example, Mastercard’s global Fintech Express program provides fintech companies with an end-to-end experience for card issuance.

By combining its identity, biometric, AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams. 

3. Scaling remittances and cross-border payments

Seamless cross-border transactions are essential for Africa’s economic mobility.

According to the World Bank, Africa received approximately $100 billion in remittances in 2023, accounting for about 6% of the continent’s GDP.

Mastercard is playing a key role in enabling the infusion of funds into local economies. Through a single, secure point of access, Mastercard Cross–Border Services allow people and businesses to remit money securely, and with certainty.

Local partnerships such as the recent agreements with Africa’s Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible.

Furthermore, they are enabling customers in multiple markets to make cross-border payments globally via bank accounts, mobile wallets, cards, and cash.

Mastercard remains committed to driving Africa’s digital growth through investment, innovation, and partnerships.

By enhancing financial inclusion, expanding digital transactions, and strengthening cross-border connectivity, the company is helping to build a more inclusive and resilient digital economy for the African future.

Through this collaboration, Equity Bank’s customers will have access to over 650 Interswitch-enabled ATMs belonging to 17 local banks in Uganda.

This arrangement mirrors Interswitch’s operations in Nigeria and Kenya, allowing Equity Bank’s ATMs to accept bank cards from other local participating banks and institutions on the Interswitch network.

Equity Bank also becomes an acquirer for Verve cards, expanding its portfolio of accepted cards at all Point-of-Sale (POS) machine locations and ATMs throughout the country.

With approximately 250,000 Verve card holders in Uganda, this partnership aims to enhance accessibility and convenience for customers.

The Country General Manager for Interswitch Uganda, Peter Kawumi, emphasized that this partnership signifies a shift in service quality and competitive advantage.

By joining the Interswitch network, Equity Bank benefits from an ecosystem that includes other financial institutions and their consumers in Uganda and across the region.

One significant benefit is a reduction in transaction costs, with withdrawals for Equity Bank customers at Interswitch-enabled ATMs and customers of other financial institutions at Equity Bank ATMs decreasing by over 60 percent.

Mitchell Elegbe, Founder/Group Managing Director of Interswitch Group, reiterated the commitment to making payment more accessible, convenient, and affordable for Africans.

The partnership with Equity Bank contributes to the interoperability efforts of Uganda’s financial industry and banking sector, reducing restrictions across inter-bank payment channels.

This collaboration also showcases Interswitch’s capacity to support the expansion plans of partners in Nigeria and other countries into different regions.

Anthony Kituuka, Equity Bank’s Managing Director, expressed delight and pride in the bank’s growth and expansion in Uganda over the last 15 years.

With 50 branches, 7,000 Equi Duuka agents, and over 6,500 merchants, the partnership with Interswitch will enhance the existing network and improve customer service by meeting their financial needs more effectively.

The strategic partnership between Interswitch and Equity Bank demonstrates their dedication to fostering innovation and improving the availability and affordability of banking services for customers in Uganda