Visa's Andrew Torre on the state of digital payments in Africa

Visa's Regional President for Central and Eastern Europe, Middle East, and Africa, Andrew Torre, recently spoke to CNBC Africa about the state of digital payments in Africa. Torre highlighted the significant growth in digital payments on the continent but also noted that cash remains prevalent in many African countries. Despite the challenges, Torre expressed optimism about the opportunities for expanding digital payments in Africa. Currently, there are over 100 million Visa cards on the African continent, but with a population of over 1 billion, there is immense potential for growth. Torre also emphasized the importance of financial inclusion and the role of payments in accelerating the digital economy. He discussed the impact of COVID-19 on digital payments, noting the shift towards contactless transactions, e-commerce, and peer-to-peer payments during the pandemic. Torre highlighted the need for governments and policymakers to create the right regulatory framework to support innovation and financial inclusion in the region. Visa has been actively working with FinTech partners and launching initiatives like Visa Everywhere to drive local innovation and meet the needs of consumers. Overall, Torre's insights shed light on the evolving landscape of digital payments in Africa and the potential for continued growth and innovation in the sector.