Unlocking the Access Opportunity for Everyone, Everywhere
In our digital-first world, the accessibility of financial products and services should be universal. The ability to save, invest, and conduct transactions digitally has become imperative for individual empowerment and broader economic prosperity. At Visa, our unwavering mission is to empower individuals and businesses alike by granting them access to vital financial services.
As we start the new year, we reflect on Visa's series of discussions with industry experts and thought leaders. These conversations explore the transformative impact of financial inclusion for millions across the CEMEA region.
The digital economy, currently accounting for about 15.5% of global GDP and projected to reach 25% by 20251, is crucial to this and is a key driver for future economic growth. In the least-developed countries within the CEMEA region, facilitating access to the digital economy could potentially boost GDP per capita by 46% over the next 30 years2.
Nevertheless, not everyone enjoys equitable access to the digital economy, especially when it comes to financial services. Visa's estimates reveal that 1.7 billion individuals still lack access to formal financial services in the CEMEA region3. This disparity highlights the urgent need for foundational changes to create a more inclusive future.
In Visa's podcast series, industry leaders and experts delve into the evolving landscape of digital finance, underscoring the critical importance of broadening digital and financial inclusion and how it can be achieved.
The series sheds light on the role of mobile money services in expanding financial accessibility, especially in underserved regions. Discussions also encompass the revolutionary role of payments facilitators, or Payfacs, in enabling digital payments for small businesses, and how we can leverage innovation to address financial disparities facing the unbanked and underbanked.
I would like to thank everyone who has contributed to these discussions. It is only by working together that we can forge a more inclusive and prosperous world, unlocking access to the digital economy – for everyone, everywhere.
VISA'S PODCAST SERIES: EPISODE SNAPSHOT
LISTEN: Levelling the Digital Playing Field: Why Access Drives Economic Growth
Andrew Torre, Regional President for Visa CEMEA, speaks with Aamir Kureshi, Head of Consumer, Agriculture & SME Banking at HBL (Habib Bank Ltd.). They explore the critical role of access in propelling economic growth, delving into the challenges, opportunities, and strategies required to make digital inclusion a reality, with the aim of unlocking the transformative potential of digital access for all.
LISTEN: Breaking Down the Digital Barriers: Leveraging Fintech & MNOs for Access
Otto Williams, SVP, Head of Product, Partnerships, and Solutions at Visa CEMEA, and Tayo Oviosu, Founder and CEO of Paga, delve into the dynamic realm of digital access in CEMEA. With over 1.35 billion global accounts, mobile money services have unlocked financial inclusion for countless individuals. However, realizing this opportunity requires tailored solutions for underserved communities as Mobile Network Operators (MNOs) expand their services beyond traditional transactions.
LISTEN: The Next-Gen Payfacs Revolution: Ushering in Equitable Access
Michael Berner, SVP, Head of Merchant Sales & Acquiring at Visa CEMEA, and Ali Abulhasan, CEO, and Co-Founder of Tap Payments, embark on a journey through the evolution of Payment Facilitator (Payfac) solutions. These solutions have come a long way since their inception in the late 1990s, transforming into comprehensive digital payment enablers that open the door to the payment ecosystem for small and micro-merchants, startups, and entrepreneurs.
LISTEN: The Access Imperative: Unpacking the Strategic Playbook
In the final episode of our podcast series, Godfrey SVP, Head of Strategy at Visa CEMEA, and Anna Maj, a fintech leader and Senior Advisor at Truffle Capital, explore strategies to facilitate financial accessibility. The conversation delves deep into the "why," "what," and "how" of making essential financial services available to everyone, particularly those often left on the sidelines – the unbanked and underbanked.
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1https://www.wto.org/english/tratop_e/devel_e/a4t_e/world_bank_digital_presentation_7_feb_2022_final_presented.pdf
2https://www.worldbank.org/en/news/press-release/2022/03/16/digital-economy-could-reap-huge-benefits-for-middle-east-and-north-africa
3https://www.ogilvy.com/ideas/2024-influence-trends-you-should-care-about#:~:text=There%20are%20over%2050%20million,and%20impression%20in%20the%20space.
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