VISA Africa integration index: Volume 3 - Realising Potential: Connecting Africa

Abstract

Foreword: Visa, in conjunction with our partners across Africa, touches the lives of over 500 million people, through our services and innovations. With our electronic payment network across the continent, we are helping to unleash the enormous potential of a rising Africa. And to better understand where we can serve Africa’s payment needs on a country-specific basis, we produced the first Visa Africa Integration Index in 2013. The purpose of this reiteration is to reassess the progress Africa has made in economic integration, a vital ingredient for socio-economic advancement. The Index measures the degree of economic integration, both regionally and globally, within key trade corridors of Sub-Saharan Africa, namely West Africa, East Africa and Southern Africa. At present, these are Visa’s key African markets where we have an established infrastructure and growth strategy. The Index was instructive in providing insights into areas where Africa is growing rapidly and integrating with the rest of the world. It also highlighted areas of untapped potential. It remains the case that the prospect for African economies’ economic growth and development remains sound. And this year the results of the Visa Integration Index are encouraging. The trend of greater integration across Africa continues. Integration is improving in nearly every country in our study. Visa contributes to improved integration through solutions that provide consistent payment standards. This has always been a cornerstone of our business. Innovations such as cross-border remittances, mobile money and commercial solutions, amongst others, all contribute to greater integration within the African continent and into the global economy. The Index helps provide thought leadership on Africa’s regional integration, enables us to track changes and progress over time and ensure we provide Africans with the best way to pay and be paid. We also hope it can provide policymakers with an insightful and academically sound tool to help shape economic decisions.