Visa is a world leader in digital payments. How are you adapting your offerings for the African market, particularly the DRC?
The African market, and the DRC in particular, represents enormous potential for Visa. According to a McKinsey study, there are more than 350 million unbanked people in sub-Saharan Africa, or 17% of the world’s adult population. In the DRC, the penetration rate for bankcards is just 4%, and at 9%, the bank penetration rate remains one of the lowest in sub-Saharan Africa. Visa aims to bridge this gap by introducing interoperable solutions such as Visa Pay and Visa Direct, which enable real-time money transfers via mobile phones, and the Visa Token Service, which improves the security of online payments. We have put in place a strategic roadmap for partnership with the government, financial institutions and fintechs in order to democratise the use of digital payment tools and solutions with a view to accelerating the growth of the population, micro, small and medium-sized enterprises and ultimately the economic growth of the DRC.
As Artificial Intelligence begins to create more personalised experiences online, we’re using our expertise in tokens to give users more control over their payment data.
What are your ambitions and strategies for conquering the DRC market?
Our ambition is to remain the leader in digital payments in the DRC. The digital payments market in Africa could be worth 160 billion dollars by 2026, of which the DRC will account for 15%. To achieve this, we are adopting a proactive and collaborative approach, working with governments, financial institutions and in partnership with specific local businesses to develop appropriate solutions, but also through mass education about our products and solutions reaching all sections of our populations, with a particular focus on students and women. For example, we support the digitisation of public payments through our partnership with ANICNS (Agence Nationale d’Ingénierie Clinique et du Numérique de la Santé) for the Visa health card; we promote financial inclusion through financial education programmes, but also through collaboration and partnerships with fintechs to transform everyday habits such as paying for public transport and basic purchases; and we encourage entrepreneurship and innovation through programmes such as Makutano, Le Village de la Femme and the Visa Everywhere Initiative.
Financial inclusion is a major challenge in the DRC. How is Visa working with fintechs and the mobile money sector to address this?
Mobile money is essential for financial inclusion in Africa and particularly in the DRC. According to GSMA, in the Democratic Republic of Congo (DRC), mobile services connect 31% of the population and have significant social and economic benefits. The Regulatory Authority (ARPTC) reports that more than 42 million people already use mobile money in the DRC. We are therefore working with mobile operators to integrate our services and enable international transactions as well as risk management and value-added service technologies. In 2019, for example, we launched a prepaid Visa UBA Orange Money card. These partnerships are crucial to promoting financial inclusion and offering much more innovative solutions as well as promotions to users. In the DRC, we have established partnerships with telecoms operators and fintechs to integrate our services into these platforms.
Visa recently announced a $1 billion investment in Africa. How are these funds being used in the DRC?
Visa is investing $1 billion in Africa over 5 years to accelerate digital transformation. In the DRC, these investments are being directed towards supporting local fintechs, introducing new technologies such as Tap to Phone, ongoing financial education programmes with initiatives such as the “She’s Next” programme for empowering women entrepreneurs, loyalty programmes and loyalty campaigns. We aim to work with the Government and the payment ecosystem to significantly increase the use of digital payments over the next 5 years to reach 30 million cards in circulation and 500,000 acceptance points. The DRC has the potential to become a hub for digital payments in Africa.
Can you tell us about Visa’s programmes to promote financial inclusion and support fintechs in the DRC?
Visa has launched several programmes to promote financial inclusion and support fintechs. The Fintech Fast Track programme and the Visa Everywhere Initiative provide opportunities for young entrepreneurs to develop innovative payment solutions. In addition, our Practical Money Skills programme provides financial education to thousands of people, helping them to better understand and use digital financial services.
What are the key partnerships Visa has forged in the DRC to improve access to financial services?
In the DRC, we have a three-year partnership with the FPM and on 24 March 2023 we launched the Financial and Digital Education Programme (PEFD).
This financial and digital education programme, which places particular emphasis on digital technology, aims to equip the Congolese population with the knowledge, skills and confidence they need to manage their finances optimally, to support the adoption of existing payment methods on the market and to help increase the rate of financial inclusion in the DRC. The financial education programme is being rolled out in 10 provinces of the DRC.
We have also forged strategic partnerships with local banks and fintechs. For example, our collaboration with Rawbank has enabled us to launch Rawards loyalty solutions and also to fly the flag for the DRC at world events sponsored by Visa, such as the 2022 World Cup in Qatar, the African Cup of Nations in Côte d’Ivoire and the forthcoming Paris 2024 Olympic and Paralympic Games. With Equity BCDC, the cybersource solution for innovative payments adapted to local needs, we also welcomed the arrival of Qatar Airways with a promotion thanks to the Visa/Qatar partnership, offering users attractive discounts. We also worked with UBA to integrate Orange Money mobile payment services, increasing access to financial services for millions of Congolese, not forgetting support for Regideso through a partnership with Ecobank to digitise bill payments.
Visa is planning to work with financial institutions to launch Visa Pay on the Congolese market. Can you tell us more about this launch?
We are delighted to announce the upcoming launch of Visa Pay in the DRC. This solution will enable users to pay quickly and securely via the mobile applications of their respective banks without the need for physical cards. The Visa Pay solution on the mobile applications of client financial institutions will incorporate advanced security technologies such as the Visa Token Service to protect transactions. This launch is part of our commitment to facilitating digital payments and promoting a more inclusive and connected economy.
What message would you like to send to young Congolese entrepreneurs who want to enter the fintech sector?
My message is to believe in their potential and embrace innovation as an accelerator of inclusive development in our great and beautiful country. The fintech sector offers huge opportunities to transform our economy and improve financial inclusion. At Visa, we’re ready to support them by providing the tools, resources and expertise they need to succeed. Please take advantage of our support programs (Visa Everywhere Initiative, Visa Accelerator Program) and work with us to build a more inclusive and prosperous financial future.
BIO: Sophie KAFUTI General Manager Visa DRC
Ms Sophie Kafuti is currently Managing Director of Visa for the Democratic Republic of Congo within the West and Central Africa cluster since October 2021.
With 23 years’ experience in the banking and fintech sectors, she is a key figure in the field of digital payment technologies in the DRC, Central and West Africa and Canada.
Ms Kafuti holds an honours degree in Economics and Finance from York University in Toronto, and an Executive MBA from the Frankfurt School of Finance and Management. She is also certified by the Harvard School of Business in Sustainable Business Strategy.
She began her career in Canada, where she worked for over 7 years at Citi, MasterCard and Moneris Solutions, a fintech specialising in payment processing. In 2008, she returned to the DRC to join Banque Congolaise as Operations Manager for 4 years, before joining Citi. During her 9 years at Citi, she held various key positions ranging from Business Development to Vice President, Executive Director in charge of Products.
She subsequently joined FinTech Flash as interim CFO/General Manager, before taking over the reins of Visa in the DRC. Under her leadership, Visa continues to strengthen its position as a global leader in digital payment technology.
Ms Kafuti is also an active campaigner for financial inclusion and education for all, as well as for entrepreneurship. She was named one of the 60 most influential African women in Fintech by African Shapers magazine and was a member of the jury for the POESAM Orange Social Entrepreneurship Award in the DRC for the 2023 edition.
Outside her professional career, Sophie Kafuti is married and has two children. She is dedicated to empowering women and to initiatives that have a positive impact on her community.
She talks to M&B Magazine about her ambitions and strategy.
