Visa, a world leader in digital payments, has today opened a new Innovation Studio in Nairobi, Kenya. The studio is its first dedicated innovation site in Sub-Saharan Africa (SSA).
According to a press release, this facility will serve the sub-Saharan Africa region and joins a network of innovation centres operated by Visa since 2016, in cities including Dubai, Singapore and San Francisco.
The facility is designed to replicate the success of Visa’s flagship innovation centre, One Market in San Francisco, and provide Visa’s partners with access to tools that enable them to strengthen their capabilities in developing new solutions.
“Sub-Saharan Africa is a fast-growing region with a tech-savvy population. As we continue to grow digital payments adoption in the region, our aspiration is to deepen our collaboration with clients and partners in developing solutions that are designed around the unique needs of Africa,” said Aida Diarra, SVP & Head of Visa in Sub-Saharan Africa.
“We are confident that the innovation studio will continue that legacy and cement Sub-Saharan Africa’s position as a leader in creating out of the box solutions to deal with our most pressing challenges as a region,” added Diarra.
The Payments Revolution in Sub-Saharan Africa
Businesses in Sub-Saharan Africa have been leading the way in introducing new methods of paying and being paid, by harnessing innovative technologies, says Visa. Ideas to expand the growth of emerging payment areas such as Tap to Phone and Pay on Delivery will be explored at the Innovation Studio alongside the ongoing development of cutting-edge smarter payment solutions that leverage blockchain, the Internet of Things, Virtual Reality and biometrics.
The studio will help Visa clients and partners from across the continent extend their service offerings. Through a human-centred approach, the studio’s immersive environment will also provide clients and partners with tools to overcome some of their biggest business challenges while uncovering new commercial avenues of opportunity.
Several Sub-Saharan Africa companies have already leveraged Visa’s innovation centre capabilities, these include Paga; which collaborated with Visa to co-create a platform that offers tools to small businesses; and Safaricom on a solution to enable 24 million M-PESA users to transact at Visa merchant locations, and 150,000 M-PESA merchants to accept Visa card payments.
The studio was officially opened by the Governor of the Central Bank of Kenya, Dr. Patrick Njoroge, at an event attended by leading banks, financial technology companies and innovation specialists from across Sub-Saharan Africa.