Visa Impact is an ongoing series of short films that capture Visa’s work in driving social change, innovation, and economic growth across regions, one small step at a time. Future episodes will traverse more corners of the world, spotlighting stories that reflect Visa’s commitment to expanding what is possible across the payment ecosystem, shaping the future of commerce for everyone, everywhere.
This is the second part of the series. The first part explored how Mariem Faghraoui is helping promote economic growth for local artisans in Morocco through her online marketplace Neolli. You can read about it here.
Fintechs in Africa are innovating to reshape the payments landscape, drive economic prosperity, and promote greater financial inclusion. With nearly half of Africa’s 1,000 fintechs founded in the last eight years, their continued growth can help spur economic development and broader financial access across the region.
A key platform for such fintechs to thrive is the Visa Everywhere Initiative (VEI), a program designed to offer entrepreneurs the opportunity to present their payment solutions on a global stage. This initiative not only showcases startup innovations but also connects them with essential resources such as funding, mentorship and networking, which will bolster their development.
In Kaduna, Nigeria, Visa met with Ayo Arikawe, the co-founder of farmer-focused fintech Thrive Agric, a regional and global winner of VEI. Thrive Agric works with over 500,000 farmers in Nigeria, Ghana and Kenya, using data-driven insights to help them sustainably increase their crop yields, contribute to the broader agriculture sector, and enhance the country’s GDP.
Thrive Agric’s approach centers on several core areas. Firstly, it facilitates farmers’ access to finance by gathering crucial data which banks can then utilize for informed lending decisions. Secondly, the fintech collects and analyzes data to guide farmers in optimizing their production processes. Additionally, Thrive Agric has established approximately 400 warehouses across Nigeria, providing farmers with a venue to sell their grains post-harvest.
Visa’s collaboration with Thrive Agric has been instrumental in providing farmers with banking tools, including cards and bank accounts, enabling them to save their earnings, access a wider range of financial services, and plan for their future more effectively. Moreover, Visa’s global payment system, Visa Direct, plays a pivotal role in facilitating fund disbursements to farmers.
In Africa, where smallholder farmers are responsible for around 80 percent of the continent’s food supply, Visa’s partnership with Thrive Agric plays a key role. It aids farmers in reaping the rewards of their important work through financial inclusion and empowerment, enabling them to leverage small, strategic steps on their individual journeys toward prosperity. This collaboration underscores the potential of fintech solutions to not only enhance livelihoods but also to contribute to broader economic development.
Enabling access to a digital revolution
Africa is a digital powerhouse. Forecasts suggest that its internet economy could contribute nearly $180 billion to the GDP by 2025 and up to $712 billion by 2050. This impressive growth is largely driven by concerted efforts in training, mentorship, upskilling and providing crucial funding to startups, which are considered pivotal for this expansion.
To date, VEI has helped startups from over 100 countries collectively raise over $16 billion in funding, tackling one of the biggest challenges faced by early-stage entrepreneurs. Since its launch in the U.S. in 2015, the program has attracted nearly 12,000 startup applicants from around the world, many of which have gone on to forge partnerships with Visa or its clients.
Later this year, the global VEI program returns to the region to host various local editions, including in Jordan, Lebanon, Iraq, Palestine, Saudi Arabia, Bahrain, Oman, Qatar and Kuwait, where substantial prizes of up to $40,000 will be available for winning fintech companies.
Through its global presence, VEI reflects the importance of fintech innovation and its diverse applications, underpinned by Visa’s commitment to nurturing the next generation of financial technology leaders. By fostering an environment that supports startup development, VEI can play a key role in the transformation journey of emerging markets, contributing to their successful integration into the global digital economy.
Bridging the gap to enhance digital inclusion
There are over a billion underserved worldwide who are struggling to access formal banking services and digital payment solutions. Visa is helping to bridge this gap by digitally enabling individuals and empowering them to take a step forward towards more robust access and inclusion.
Through its support of startups, SMs and entrepreneurs, Visa strives to bring to the forefront impactful and pioneering ideas that can advance the payments ecosystem, so that everyone, everywhere can benefit from a rapidly expanding digital commerce landscape.
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