Visa and USAID partner to boost financial inclusion in emerging markets

Digitization of government systems and payments to promote financial inclusion and economic growth is on the agenda for Visa as the digital payment provider has teamed up with the United States Agency for International Development (USAID) to announced a five-year collaboration

With an emphasis on inclusive platforms, the partnership comes on the heels of USAID’s Digital Policy launch, as both organizations work towards facilitating citizen access to government services.

The joint initiative is set to initially target Sub-Saharan Africa, Latin America and the Caribbean, and the Caucasus, with potential expansions planned. By leveraging their knowledge in digital government systems and digital payments, Visa and USAID plan to assist governments in implementing platforms that link residents with essential services. According to the company, a key goal is to promote economic development by supporting digital connectivity for both citizens and small businesses.

“Digital government systems can help enhance transparency and efficiency between communities and governments, fostering a more favorable environment for entrepreneurs and economic development,” says Chris Newkirk, global head of new flows – commercial & money movement solutions at Visa.

“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.”

The partnership builds on previous joint efforts by Visa, the Visa Foundation, and USAID, such as the development of Ukraine’s Diia app, which connects citizens to over 120 government services. The partnership also aligns with Visa Foundation’s role in the Climate Gender Equity Fund, a Women in the Sustainable Economy (WISE) Initiative project, to support climate-smart, gender-equitable small businesses globally.

“Digital development works best when governments and the private sector intentionally work together toward a shared vision of an inclusive digital future,” adds Christopher Burns, USAID’s chief digital development officer and director of USAID’s technology division.

“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.”

Not too long ago, Visa announced a similar collaboration with the United Nations Development Programme (UNDP) to boost digital transformation and financial inclusion in Somalia.

Article Topics

digital government  |  digital identity  |  digital inclusion  |  financial inclusion  |  USAID  |  Visa