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Visa (V) to Invest $1B in Africa, Aid Digital Payment Growth
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Visa Inc. (V - Free Report) announced at the U.S.-Africa Leaders Summit that the company plans to invest $1 billion in Africa. It intends to inject the amount over the next five years to capitalize on the continent’s rapid growth in the digital payment market.
During a sub-event at the summit, U.S.-Africa Business Forum, Visa CEO Alfred F. Kelly Jr. pledged the amount, which is expected to boost the company’s footprint in the continent. It plans to work with governments, fintechs, financial institutions, merchants and even mobile network operators to scale its operations.
Talent development and capacity building will likely help Visa in strengthening the payment ecosystem in Africa, which will support its digitization efforts. This is expected to play a major role in the company’s long-term growth plan. V has been investing in the continent for several decades now.
The company said that 500 million people in the region have no access to formal financial services. Also, lower than 50% of adults have utilized digital payments ever. More than 40 million merchants in the continent are yet to accept digital payments. Hence, Visa has a major untouched region to expand its network.
Currently, the company has 10 offices across the continent. With new investments, the number is expected to rise. The move is anticipated to make the company a major stakeholder in Africa’s digital economy. The investments are likely to support innovation and economic inclusion in the region.
Price Performance
Shares of Visa have gained 10.3% in the past three months compared with the industry’s 6.4% growth.
Based in Henderson, NV, PaySign offers prepaid card products and processing services. The Zacks Consensus Estimate for PAYS’ 2022 earnings indicates a 340% year-over-year surge.
Headquartered in Stamford, CT, Information Services is a global technology research and advisory company. The Zacks Consensus Estimate for III’s 2022 earnings indicates 15.9% year-over-year growth.
Morehead, KY-based AppHarvest works as an applied agricultural technology firm. The Zacks Consensus Estimate for APPH’s 2022 bottom line indicates a 13.9% year-over-year improvement.
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Visa (V) to Invest $1B in Africa, Aid Digital Payment Growth
Visa Inc. (V - Free Report) announced at the U.S.-Africa Leaders Summit that the company plans to invest $1 billion in Africa. It intends to inject the amount over the next five years to capitalize on the continent’s rapid growth in the digital payment market.
During a sub-event at the summit, U.S.-Africa Business Forum, Visa CEO Alfred F. Kelly Jr. pledged the amount, which is expected to boost the company’s footprint in the continent. It plans to work with governments, fintechs, financial institutions, merchants and even mobile network operators to scale its operations.
Talent development and capacity building will likely help Visa in strengthening the payment ecosystem in Africa, which will support its digitization efforts. This is expected to play a major role in the company’s long-term growth plan. V has been investing in the continent for several decades now.
The company said that 500 million people in the region have no access to formal financial services. Also, lower than 50% of adults have utilized digital payments ever. More than 40 million merchants in the continent are yet to accept digital payments. Hence, Visa has a major untouched region to expand its network.
Currently, the company has 10 offices across the continent. With new investments, the number is expected to rise. The move is anticipated to make the company a major stakeholder in Africa’s digital economy. The investments are likely to support innovation and economic inclusion in the region.
Price Performance
Shares of Visa have gained 10.3% in the past three months compared with the industry’s 6.4% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Visa currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Business Services space are PaySign, Inc. (PAYS - Free Report) , Information Services Group, Inc. (III - Free Report) and AppHarvest, Inc. , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Based in Henderson, NV, PaySign offers prepaid card products and processing services. The Zacks Consensus Estimate for PAYS’ 2022 earnings indicates a 340% year-over-year surge.
Headquartered in Stamford, CT, Information Services is a global technology research and advisory company. The Zacks Consensus Estimate for III’s 2022 earnings indicates 15.9% year-over-year growth.
Morehead, KY-based AppHarvest works as an applied agricultural technology firm. The Zacks Consensus Estimate for APPH’s 2022 bottom line indicates a 13.9% year-over-year improvement.