Visa, CBN collaborate on cashless, financial inclusion in Nigeria

Global electronic payment company, Visa, has restated its commitment to working with the Central Bank of Nigeria and other stakeholders to strengthen its target aimed deepening financial inclusion through e-payment in the country.

The newly appointed Group Executive for Visa’s Central and Eastern Europe, Middle East and Africa, Mr. Kamran Siddiqi, gave the commitment during his recent visit to Nigeria. Siddiqi, who noted that Visa will support financial literacy and cashless payments drive in the country, said, “Nigeria is a very important market for us.

It is exciting for me to be here to support the progress Visa has made in driving financial inclusion and making electronic payments more accessible to everyone everywhere.”

He said Visa was dedicated to increasing financial literacy among the unbanked through strategic partnerships and educational programs, stressing that in the past decade, Visa had helped bring financial literacy education to millions of people in more than 30 countries.

“This was the motivation behind the recent highly successful Financial Literacy Challenge with the Co-Creation Hub. It was geared at stimulating the development of innovative web and mobile applications to teach money management skills and support the advancement of financial literacy in Nigeria.”

Siddiqi, who is expected to meet with many of Visa’s partner financial institutions while in Lagos, said Visa was a strong supporter of the Central Bank of Nigeria’s Cashless Lagos Vision 2020 project aimed at reducing the amount of physical cash circulating in the economy. “We believe this project will help modernise the payment system which in turn will drive greater economic development,” he said.

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