Stories that drive us; small steps that change us
Through its Impact series, Visa captures moments of inspiring impact across the globe, as individuals and merchants digitize their way to success
In the current digital age, the necessity for inclusive and advanced digital transaction methods is more critical than ever. The global landscape is changing, and with it, the demand for seamless, secure, and innovative financial services to engage in global commerce.
With roughly 1.4 billion people lacking access to formal financial services globally, Visa is committed to breaking barriers and enabling individuals, merchants and communities to thrive by delivering solution-oriented products, platforms, and programs that speak to a diversity of commerce needs.
A rise in mobile and internet usage across Sub-Saharan Africa presents a huge opportunity for enhancing connectivity and inclusion through digital wallets, mobile money, and tap-to-phone capabilities, among other key initiatives.
Bringing more people into the digital era by enabling SMBs
To drive a healthy and thriving financial ecosystem, supporting small and medium businesses (SMBs) is essential. SMBs can uplift societies and economies by contributing to vibrant local communities, encouraging entrepreneurship, and creating crucial opportunities for work.
In Nigeria, Kenya, and South Africa, SMEs play a vital role in both economic development and employment. Among the three, roughly 52 million SMEs can be found , which significantly contribute to the GDP and form a substantial part of the labor force in each country, enriching the job market and broader economy.
Through Visa’s expertise and vast partner network, it has to date enabled nearly 67 million SMBs worldwide – exceeding its three-year goal of digitally enabling 50 million SMBs globally by the middle of 2023. This reflects Visa’s commitment to empowering individuals and merchants to take small steps to get to where they want to be.
Empowering entrepreneurs to take the next step
The Impact series documents Visa’s global impact on merchants and small businesses. Each episode highlights how Visa’s diverse solutions and initiatives have helped drive access, inclusion, prosperity, and transformative change worldwide.
From assisting smallholder farmers in Nigeria to enabling electronic payments for women-owned businesses in Morocco and empowering SMBs in Kyrgyzstan, the Impact series demonstrates the power of small steps in leading to significant change.
In Kaduna, Nigeria, Visa collaborated with Ayo Arikawe, the co-founder of fintech company Thrive Agric. Across Africa, smallholder farmers contribute about 80% of the food that the nation consumes . In Nigeria, Ghana, and Kenya, Thrive Agric works with over 500,000 farmers to utilize data-driven insights in sustainably increasing yields, contributing to the broader agriculture sector, and enhancing the country’s GDP.
Thrive Agric is a regional and global winner of the Visa Everywhere Initiative (VEI), a program that connects innovative fintechs to the infrastructure they need to grow and create impact.Through this collaboration, Visa provided farmers with cards and bank accounts, which allowed them to save their funds, access a wider range of financial services, and plan for their future. Furthermore, Visa’s global money movement platform, Visa Direct, facilitated the disbursement of funds to farmers.
Meanwhile, Visa’s She’s Next initiative globally supports women entrepreneurs by providing funding and mentorship to recipients such as recipient Mariem Faghraoui. In Morocco, Faghraoui’s online marketplace, Neolli, fosters economic growth by facilitating digital payments among traditional artisans in Marrakech, Fez, Agadir, and Safi, contributing to a vibrant digital commerce landscape.
Thanks to Neolli, small brick-and-mortar businesses such as cosmetics shop Amal Ourika and the Marrakech Women’s Cooperative for Sewing are now able to offer electronic payments to locals and tourists, tapping into vital sales opportunities they might otherwise miss.
Meanwhile, in Kyrgyzstan, Visa met with Zarina, who runs a Korean cosmetics store at the vibrant Dordoi Bazaar along with her husband. Together, they started this business in 2009 by importing products from South Korea. However, like many other merchants at the bazaar, Zarina had lacked access to the digital economy.
The Dordoi Bazaar has an annual turnover of $3 billion but only 10% of its 60,000 merchants have a bank account. To help merchants like Zarina digitize and expand the bazaar’s cashless acceptance infrastructure, Visa partnered with the Dordoi Association and New Market Technologies, installing payment terminals, introducing tap-to-phone technology, and launching Visa Business Cards.
As this digital revolution continues to expand around the world, so does Visa’s dedication to enabling individuals and merchants to reap its rewards.
Through the lens of the Impact series, Visa will continue traversing the world to capture and share stories of collaborative impact from around the globe, showcasing its commitment to unlocking potential by securely powering transactions and helping small businesses to thrive – one small step at a time.
