Credit card network VISA inaugurated its first African innovation hub in Kenya yesterday April 6. Based in Nairobi, the facility will serve as a framework for accelerating payment technology research in the sub-Saharan African region. It will be a mentorship hub for developers creating solutions that can revolutionize payments and e-commerce. 

The studio will also help Visa clients and partners operating in Africa expand their services and access technological tools that will help them overcome some of the key challenges in their business environment. 

VISA’s Nairobi innovation hub will now join the global network of innovation hubs operated by the credit card network since 2016. Currently, that global network is made up of hubs in Dubai, Singapore, San Fransico, and now Nairobi. 

“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,” says Aida Diarra (photo), Senior Vice President & Head of Visa in Sub-Saharan Africa.  

In the past five years, the African fintech segment has recorded strong growth. Startups operating in that segment attracted the highest volume of investments, reflecting local populations’ interest in practical, customized, and affordable financial solutions. 

For VISA, investing in that segment is a strategic move to consolidate its presence and market share. According to the credit card network, the Nairobi innovation hub will explore ideas that can support the growth of emerging payment systems such as contactless payment and cash on delivery. The hub will also explore the development of smart payment solutions that leverage blockchain, the Internet of Things, virtual reality, and biometrics.

Muriel Edjo