Visa Inc., a global leader in payment services, has announced its commitment to long-term investment in Nigeria with plans to establish a data centre infrastructure in the country.
This announcement was made at the Presidential Villa in Abuja during a meeting between Vice President Kashim Shettima and Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa. Shettima subsequently confirmed the news on his X account.
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Visa’s footprint in Nigeria
The establishment of a data centre in Nigeria by Visa is consistent with its overarching plan to expand its footprint in the nation.
Visa has invested more than $1 billion in Nigeria, promoting digital payment systems and financial innovation.
Notable partnerships include collaborations with Nigerian tech companies such as Moniepoint, aimed at enhancing digital payment infrastructure for individuals and businesses; a $200 million investment with Interswitch to boost digital transaction capabilities and strengthen Nigeria’s financial sector; and a partnership with ThriveAgric to support smallholder farmers in increasing food security and agricultural productivity.
Visa’s regional president Torre highlighted the company’s commitment to advancing Nigeria’s digital economy, noting that the new data center will incorporate cutting-edge technologies to improve transaction efficiency and drive financial inclusion.
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Nigeria’s Vice President applauds Visa’s investment
Vice President Kashim Shettima praised Visa’s investment and pointed out that it could hasten economic transformation.
He underlined the value of technology in modernising vital industries like agriculture and gave the company the assurance that the Nigerian government will support them.
“Nigeria is at the heart of fintech innovation in Africa, with eight out of the top ten fintech firms on the continent operating here. Moniepoint’s emergence is a testament to our thriving digital ecosystem. At the same time, we are deeply committed to advancing agriculture through technology, in line with President Bola Ahmed Tinubu’s 8-point agenda,” Shettima stated.
It is expected that Visa’s new data centre will improve digital transactions, financial security, and economic growth, establishing Nigeria as a key hub for fintech innovations in Africa.