Africa to see largest e-payment rise, says Visa boss

Africa to see largest e-payment rise says Visa boss UBA Cameroon won the ‘Prepaid Innovative Product of the Year’ award for their prepaid student ID card. (Image source: African Press Organization/Visa)Africa will see the greatest rise in electronic payments between now and 2016, a top Visa boss has said

Mohamed Touhami El Ouazzani, Visa’s general manager for Morocco and francophone Africa, made the comment at the Prepaid Summit Middle East in Dubai this week.

Speaking at the presentation of the ‘Prepaid Innovative Product of the Year’ award to West African bank UBA Cameroon, Ouazzani said, “I am very happy that UBA Cameroon has been recognised for its efforts in support of the development of electronic payments.

“Africa is the continent that will see the largest increase in electronic payments between now and 2016. In this area, Visa offers numerous innovation-based mobile banking services and solutions through its partnerships with financial institutions and international mobile phone businesses, notably via Samsung Pay and Apple Pay.”

UBA won the award for its ‘Co-branded Student ID Visa Prepaid’ card, which provides university students with a multi-functional card that serves as both a student ID and a re-loadable payment card which can be used internationally – a first of its kind in francophone Africa.

Africa has already seen a marked rise in electronic payments in recent years, with several notable success stories, such as Kenya’s M-Pesa mobile payment service.

A recent report by MasterCard revealed that more than 80 per cent of Kenyans are now using electronic payment products such as M-Pesa.

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