Virtual Visa: Visa, Branch collaborate to Deepen financial Inclusion
Lagos, April 8, 2019 – Visa, the global payments technology company and Branch, the most downloaded finance app
This partnership represents Visa’s broader strategy to collaborate with and invest in rapidly growing FinTech companies that are reaching consumers and merchants not previously addressed by traditional financial services.
As a part of the agreement, Branch will also implement Visa payment services into its platform, to give consumers the ability to make payments using a card or a mobile phone. The virtual Visa is part of Visa’s strategy to leverage mobile to digitize payments and is expected to pave the way for cash-free payments.
Commenting on the announcement, Visa’s Vice President, Strategic Partnerships, Fintech and Ventures, Otto Williams said,“Traditional barriers such as a credit score and bank account make financial accessibility a challenge for millions of people in Kenya and the region. By focusing on digitizing payments, we aim to build a more digitally inclusive ecosystem. We are confident that our collaboration with Branch will deliver on seamless access to finance for the unbanked.’’
“With this partnership we seek to offer value beyond just transactions. We would like to help merchants grow their businessand drive financial inclusion among the small merchant segments that are often unableto accessquick loans.” Williams added.
Branch CEO Mathew Flannery said, “At Branch, we think our innovative mobile financial app will be able to provide consumers and merchants access to financial services thereby creating a larger and more robust open loop payments ecosystem for all participants. It only makes sense to be working together with Visa to bring world-class financial services to merchants here in Kenya and beyond.”
Branch has helped unlock financial access for thousands of people around Africaandis currently among the most popular loan application channels. With smartphone growth usage at an all-time high, Branch has taken a unique opportunity to build customer-first financial products for people worldwide.
The partnership will among others; grow and differentiate acceptance in Kenya through expansion of merchant lending programs as well as expand Visa virtualcard issuance and usage through Branch loan disbursements.