Visa’s investment is expected to boost employment, attract more foreign investment, and stimulate Nigeria’s economy. It will help position Nigeria as a regional tech hub.

Visa Inc., a global payment services provider, has announced its intention to set up data center infrastructure in Nigeria, reaffirming its dedication to the nation's digital economy. This development was shared by Mr. Andrew Torre, Visa's Regional President for CEMEA, during a courtesy visit to Vice President Kashim Shettima at the Presidential Villa in Abuja, as highlighted in a March 21 press release from the Nigerian Presidency.

Mr. Torre stated that Visa’s continued investment in Nigeria is aimed at introducing new technologies that will enhance the country’s financial ecosystem. He highlighted that global partners like Hugo and Samsung require Visa’s technology to expand mobile payment services, making transactions more efficient and cost-effective.

The move is in addition to Visa’s over $1 billion investment in Nigeria, which includes a partnership with MoniePoint to drive digital payment adoption, $200 million investment in digital payment company Interswitch, and a collaboration with ThriveAgric to support smallholder farmers and enhance food security in Nigeria.

Visa’s planned data centre will play a key role in bolstering Nigeria’s digital payment infrastructure, improving transaction speed, cybersecurity, and access to financial services for millions of Nigerians.

Vice President Shettima welcomed Visa’s commitment to expanding its footprint in Nigeria, assuring the company of continued government support. He emphasized Nigeria’s growing fintech dominance, noting that eight of Africa’s ten leading fintech companies are Nigerian-based.

According to McKinsey's 2020 report, Harnessing Nigeria’s Fintech Potential, Nigeria is home to over 200 fintech companies, alongside fintech solutions from banks and mobile operators. Between 2014 and 2019, the sector raised over $600 million, including $122 million in 2019, accounting for 25% of Africa’s $491.6 million second only to Kenya’s $149 million.

Visa’s $1B+ investment and planned data centre reinforce Nigeria’s fintech leadership, accelerating digital transformation, financial inclusion, and economic growth.

Hikmatu Bilali