Visa Pay Launches in the Democratic Republic of the Congo: A Step Toward Financial Inclusion
Visa has officially launched its new digital payment service, Visa Pay, in the Democratic Republic of the Congo (DRC), introducing a secure and interoperable platform that allows consumers and businesses to pay, get paid, and transfer money across participating banks and mobile networks. This development comes at a critical moment for the DRC, where cash still dominates everyday transactions, from small market stalls to larger business dealings. The reliance on cash has made the transition to digital payments both difficult and necessary. While infrastructure gaps and issues of public trust remain challenges, the need for faster, safer, and more reliable methods of moving money continues to grow.
Visa Pay enters this landscape as a transformative solution designed to serve both banked and unbanked populations. The service offers near real-time transfers in both Congolese Franc (CDF) and US Dollars (USD), enabling users to move funds more efficiently within the country. Customers can download the application directly from the Apple App Store or Google Play Store, while partner banks can integrate its features into their own mobile apps, ensuring wider accessibility. Additionally, Visa Pay allows for cash-in and cash-out services at participating bank branches, as well as online purchases through the issuance of virtual cards.
The launch of Visa Pay has been made possible through strong partnerships with eight leading banks in the DRC, namely Access Banque, BGFI, Equity Bank, FBN, Sofibanque, Solidaire Banque, TMB, and UBA. By collaborating with these institutions, Visa ensures the service is embedded within the country’s financial ecosystem, offering customers a trusted network through which they can access the new technology.
Speaking on the launch, Sophie Kafuti, General Manager for Visa DRC, emphasized the strategic importance of this initiative. She noted that Visa Pay is not only an interoperable solution but also a catalyst for greater financial inclusion. The platform, she explained, is part of Visa’s broader commitment to delivering innovative solutions that open doors to the digital economy, stimulate economic growth, and help establish the DRC as a regional leader in financial technology.
The significance of Visa Pay extends beyond convenience. It represents a meaningful step toward bridging the gap between cash and digital, creating opportunities for individuals and businesses to engage more actively in the formal financial system. By enabling smoother and more transparent transactions, Visa Pay has the potential to boost trust in digital finance while encouraging the gradual decline of cash dependency.
For customers, the new service offers a wide range of benefits. Individuals can now enjoy greater ease in managing their finances, making payments, and shopping online with enhanced security. Businesses, on the other hand, gain access to a reliable payment infrastructure that reduces their reliance on cash, improves efficiency, and expands opportunities to serve a digitally connected customer base.
In conclusion, the launch of Visa Pay in the DRC marks a decisive milestone in the country’s journey toward financial modernization. While the transition to digital payments will take time, Visa’s partnership-driven approach provides a strong foundation for accelerating adoption. By addressing barriers of trust, accessibility, and interoperability, Visa Pay positions itself as a powerful tool for driving financial inclusion and fostering economic growth in one of Africa’s most promising markets.
