2023: The Year in Review

2023 was a year of enormous change with the payments industry evolving faster than ever. The acceleration of access and acceptance in financial services has benefited stakeholders across the Central and Eastern Europe, Middle East and Africa (CEMEA) region, as digital transformation continues to gather pace.

A combination of demographic shifts, technological advancements, government policies and changing consumer behaviors and preferences is driving digital disruption in CEMEA and this trend shows no sign of slowing down. However, 1.7 billion individuals still lack access to formal financial services in the region¹, making Visa’s drive for access and inclusion in digital payments, all the more important.

To this end, Visa is thrilled to have had so many opportunities to work with partners, who are leaders in their respective fields, developing cutting edge solutions to go where our audiences are. From cross-border remittances to embedding sustainability into banking services and growing open banking across the region, this year has been all about the evolution and implementation of more accessible digital payments options.

We also saw the streamlining of legacy payments systems with commercial solutions and the broader transformation of digital acceptance in CEMEA. Engagement with innovative new digital experiences opened up the benefits of the digital economy and with it the personalization, flexibility and seamless experience that customers expect.

The region is also at a turning point, marking a significant demographic shift, with Gen Z entering the workforce. Visa considers the impact this will have on payments experiences, spending habits and the opportunity it offers for financial institutions to cultivate engagement from the beginning of a customer’s journey.

Visa’s response to the evolving threat landscape has been another defining hallmark of 2023. As the sophistication of digital solutions improves, so too do the ways in which fraudsters try to exploit their users. In response, Visa remains committed to a 360-degree approach to security that encompasses all operations.

Trust is foundational to all our work and looking ahead to 2024 we continue to invest in the latest technology and strengthen collaboration with our clients, partners and stakeholders to ensure a safe digital-first world.

As the year comes to a close, we look back at our 10 most popular articles; highlighting the stories, insights and ideas best loved by our readership in 2023.

1. LISTEN: Levelling the Digital Playing Field
Visa recognizes the essential role of the digital economy and is committed to enabling individual consumers, as well as micro and small businesses, to access and engage in it with the ultimate goal of universal access. Visa Regional President for CEMEA, Andrew Torre, sits down with Aamir Kureshi, Head of Consumer, Agriculture & SME Banking at Habib Bank, to discuss the invaluable opportunity this presents for young entrepreneurs.

2. LISTEN: Visa Path to Access: Breaking Down Digital Barriers
In this podcast, Otto Williams, Visa’s Head of Product Solutions and Partnerships for CEMEA, and Paga CEO Tayo Oviosu, unpack the vital role that mobile money services play in facilitating financial inclusion by providing access to the digital payments ecosystem.

3. WATCH: Trends and Forces Driving the Evolution of Digital Acceptance
From the first consumer payments cards in 1958 to Visa's 4+ billion issued cards today, the payments landscape has dramatically evolved. This video dives into digital transformation in CEMEA, exploring the benefits of digital payments, the acceptance development lifecycle, and the critical role of policy and regulation in shaping a more sophisticated retail payment infrastructure.

4. Unlocking the Economic Empowerment of Digital Remittances
Remittances are crucial for the global economy and the prosperity of developing communities. This is especially true in the Gulf Cooperation Council region, which is home to millions of expatriate workers responsible for supporting families in their home countries. Remittances require a nonstop network that can quickly and securely move money. In response, Visa developed Visa Direct, a real-time payments platform that enables fast, secure, and convenient cross-border payments.

 5. Opening the Gateway to Open Banking
Open banking, popular with consumers and financial institutions alike, enables hassle-free payments, seamless investment services and improved loyalty offers. The CEMEA region is witnessing the growth of open banking and fintechs are starting to take advantage of the opportunities it offers.

 6. Solving for Seamless B2B Payments
Visa's B2B Connect is disrupting the B2B banking landscape, replacing an age-old correspondent banking system. The solution has been adopted by 100 banks, offering enhanced security, cost-effectiveness, and transaction certainty. As momentum grows, it is poised to become the global standard, promising a future of seamless, secure, and reliable cross-border B2B payments.

7. Simple Seamless Solutions, Amplified Impact
The consumerization of commercial B2B payments is set to be transformational and Visa is at the forefront of facilitating innovation in this segment of the payments sector. Digital innovations, such as Visa’s Commercial Pay solution, are streamlining legacy payments systems, improving financial transparency and offering real-time insights into business transactions, creating resilience, efficiency and security.

8. LISTEN: Charles Lobo, Regional Risk Officer at Visa CEMEA, Discusses the Future of Trusted Digital Money
Digital technology has transformed how money moves and the engine of global commerce now relies on the security of both digital and in-person payments. In this podcast, Charles Lobo, Regional Risk Officer for Visa CEMEA, discusses the evolving role of the risk function, and the power and importance of cutting-edge security.

9. From Aspiration to Action: Embedding Sustainability in Everyday Payments
Visa research reveals that customer priorities are changing, prompting the payments sector to develop new ways for customers to monitor and improve the environmental cost of their payments. Visa and ecolytiq have partnered to provide innovative solutions to help financial institutions meet this growing demand for eco-friendly banking features.

10. Generation Z Sets to Work - What Does This Mean for Payments and Banking?
Visa Consulting & Analytics (VCA) identified ten trends shaping the payments landscape over 2023. One of the trends on which it conducted a deep dive looked at Gen Z’s – the world’s largest age cohort – experience with employment as they enter the global workforce and how financial institutions can benefit from this shift.