Visa Inc., the global payments giant, has announced plans to establish a data center in Nigeria, signaling a major commitment to the country’s digital economy. This announcement was made during a courtesy visit by Visa executives to Vice President Kashim Shettima at the Presidential Villa in Abuja.
The delegation, led by Mr. Andrew Torre, Visa’s Regional President for Central, Eastern Europe, the Middle East, and Africa (CEMEA), also highlighted Visa’s ongoing investments in Nigeria, which now total over $1 billion. These investments include partnerships with Nigerian companies like MoniePoint, Interswitch, and ThriveAgric, which aim to advance digital payment solutions, boost food security, and empower smallholder farmers across the country.
Mr. Torre expressed Visa’s commitment to deepening its involvement in Nigeria, stating that the planned data center would help bring cutting-edge technologies into the Nigerian market. The center is expected to play a significant role in supporting Nigeria’s expanding digital economy by providing the infrastructure needed to power digital payment systems and other tech innovations.
Torre also explained that Visa’s technologies would be pivotal in launching mobile payment services for global partners such as Hugo and Samsung, aiming to create a more competitive and cost-effective market. He emphasized that this move aligns with Visa’s strategy of continuously investing in the country’s tech ecosystem to drive further economic growth.
In his response, Vice President Shettima expressed his appreciation for Visa’s investments in Nigeria, particularly the company’s involvement with ThriveAgric, a key player in improving food security by providing vital data to farmers. Shettima praised the administration of President Bola Tinubu for prioritizing the agricultural sector, which is part of its 8-point agenda aimed at fostering economic development and food security.
“Nigeria is where the action is,” Shettima said, underscoring the country’s central role in Africa’s fintech sector, with a significant number of the continent’s leading fintech companies operating within its borders. He highlighted MoniePoint’s recent rise as one of the country’s newest success stories.
The Vice President further emphasized the importance of technological investment in modernizing agriculture, improving productivity, and boosting food security. “If we must improve on agriculture, we must embrace modernity, improve agricultural prices, seeds, fertilization, and intermediate technology,” Shettima stated.
Beyond agriculture and fintech, Vice President Shettima also encouraged Visa to explore opportunities within Nigeria’s creative sector. He urged the company to consider investing in the federal government’s “Outsource to Nigeria” initiative, which aims to facilitate access to finance for the creative industry. This would help foster growth in Nigeria’s burgeoning digital and creative economy, creating more jobs and business opportunities.
Nigeria has long been recognized as a hub for creativity, with the country’s Nollywood film industry and thriving music scene gaining international acclaim. Shettima noted that the government is committed to supporting these sectors, and Visa’s involvement could further accelerate their growth.
Visa’s ongoing commitment to Nigeria reflects a broader trend of multinational companies recognizing the country’s economic potential, particularly within the technology and digital services sectors. Visa’s partnership with MoniePoint, a Nigerian digital payment platform, is particularly significant as it represents a growing shift toward cashless transactions and mobile payments in the country.
The partnership with Interswitch, another Nigerian fintech giant, further solidifies Visa’s role in driving financial inclusion and enhancing the country’s payment infrastructure. Visa’s $200 million investment in Interswitch aims to expand access to digital financial services and provide secure payment solutions to millions of Nigerians.
Additionally, Visa’s support for ThriveAgric, which focuses on data-driven solutions for Nigerian farmers, has made a tangible impact in improving agricultural productivity and food security. These efforts are part of a larger strategy to promote sustainable development and economic empowerment across Nigeria.
Visa’s pledge to establish a data center in Nigeria is a testament to the company’s belief in the country’s potential as a leader in digital innovation. Nigeria’s growing tech ecosystem, paired with the government’s commitment to fostering a business-friendly environment, has made the country an attractive destination for global investors.
With a population of over 200 million people, Nigeria is home to a large and increasingly tech-savvy consumer base. This, coupled with the country’s strong mobile network infrastructure and rapidly expanding internet penetration, positions Nigeria as a key player in the digital economy.
Visa’s investment in the data center will provide essential infrastructure to support the country’s digital transformation. By improving the availability and reliability of digital payment services, the data center will enhance the accessibility of financial services for Nigerians and contribute to the country’s ongoing push for a cashless economy.
Vice President Shettima concluded the meeting by reaffirming Nigeria’s openness to foreign investments and partnerships. He emphasized the government’s support for Visa’s operations and its role in contributing to the country’s economic development.
“Nigeria is committed to fostering a conducive environment for investments, and Visa’s continued partnership with the government will only grow by leaps and bounds,” Shettima said, underscoring the importance of collaboration between the public and private sectors in driving sustainable growth.
The visit by Visa’s executives marks a new chapter in the company’s relationship with Nigeria, and with plans for a data center in the works, it signals a strong commitment to supporting the country’s technological and economic advancement.
As Nigeria continues to build its digital economy, the partnership between Visa and the Nigerian government will undoubtedly play a crucial role in shaping the future of finance, agriculture, and innovation in the country.
