Advancing innovation for inclusion in Africa

As the world continues to progress in the digital age, the need for financial inclusion has become more crucial than ever before. In a bid to empower a brighter future for all, 'Innovation for Inclusion' is at the forefront of driving financial inclusion and opportunities for micro and small businesses, women, and the youth in Africa. CNBC Africa's Derrick Muhangi sat down with Chad Pollock, Vice President and General Manager for East Africa of Visa CEMEA, to delve deeper into the innovative strategies being employed to promote inclusivity across the region. Visa, a global leader in digital payments, is spearheading efforts to expand the ecosystem to all players, with a particular focus on micro and small businesses in East Africa. Pollock highlighted the staggering number of around 40 million small and micro enterprises in sub-Saharan Africa that currently lack access to basic financial tools. To address this issue, Visa is exploring low-cost solutions such as QR codes and tap-to-phone technology, which offer more affordable alternatives to traditional point-of-sale systems. By reducing the barriers to entry, these innovations enable small businesses to transact efficiently and access essential financial services. In discussing the gender gap in access to finance, Pollock emphasized the importance of collaboration as a key driver for change. By working closely with fintech companies, central banks, and traditional financial institutions, innovative solutions can be developed to bridge the divide and empower women and younger individuals in the financial landscape. By championing non-traditional approaches and amplifying the voices of underrepresented groups, the industry can foster a more inclusive and diverse ecosystem. The conversation then shifted to the role of technology-enabled agricultural solutions in boosting productivity and income for smallholder farmers in East Africa. Pollock underscored the significance of optimizing the agricultural value chain through advanced technologies such as artificial intelligence, machine learning, and supercomputing. These tools offer valuable insights and efficiencies that can revolutionize the agricultural sector, particularly as access to electricity and internet connectivity continues to expand across the continent. By leveraging these innovations, farmers can enhance their yields, streamline operations, and ultimately improve their livelihoods. Pollock also shed light on Visa's commitment to fostering innovation and entrepreneurship in East Africa through its dedicated innovation hub in Nairobi. Serving as the sole hub in sub-Saharan Africa, the center serves as a catalyst for collaboration and idea generation among small businesses and fintech startups. Through programs like the Visa Everywhere Initiative and the Visa Accelerator Program, entrepreneurs from diverse backgrounds are empowered to develop inclusive solutions for local challenges. By providing mentorship, resources, and opportunities for skill development, Visa is nurturing the next generation of innovators and driving positive change in the region. In conclusion, the push for innovation in financial services is not just about advancing technology—it's about empowering individuals and businesses to thrive in an increasingly digital world. By embracing collaboration, leveraging cutting-edge technologies, and investing in inclusive ecosystems, companies like Visa are paving the way for a more inclusive and prosperous future for all in East Africa.