Global digital payments giant Visa has opened an innovation studio in Kenya, the first in Africa and the sixth in the world after hosting Dubai, London, Miami, San Francisco and Singapore.
The studio will bring together developers, internal and external Visa customers and other partners to jointly develop payment and commercial solutions.
“Sub-Saharan Africa is a rapidly growing region with a tech-savvy population. As we continue to bring digital payments to the region, our goal is to deepen our collaboration with customers and partners to develop solutions tailored to the unique needs of Africa,” said the Senior Vice President and Vice President. Sahara Africa. , Aida Diara.
“As a technology-focused brand, Visa has made significant technological advances that have made electronic payments what they are today. We are confident that Innovation Studio will continue this legacy and strengthen Sub-Saharan Africa’s position as a leader in creating turnkey solutions to address our most pressing challenges in the region,” said Diorra.
Visa has previously used its existing innovation center to develop products for the African market, including partnering with Nigerian fintech company Paga to develop new underwriting solutions using QR codes and NFC technology.
Visa’s other innovation labs also promoted its recent partnership with Safaricom in Kenya, which enabled 150,000 mobile money (M-Pesa) merchants to accept card payments.
Across Africa, local and multinational companies, as well as governments, are leading the way in developing new products through the collaboration and launch of such innovation hubs to remain globally competitive.
Organizations such as Cisco and Philips also have similar labs in Nairobi, and the Kenyan government is building a tech city, Konja City, to spur innovation in the country.
Meanwhile, in the startup capital of Africa, Nigeria, with a concentration around the country’s cultural and commercial hub, Lagos, many innovation hubs have opened up for the continent’s greats, such as Andela’s tech job network, Flutterwave payment company, and Jumia E-Commerce Forum.