Visa Government Solutions’ Post

We’ve been supporting the World Economic Forum and the Inter-American Development Bank's IDB Lab in their “Payments to Advance Growth for All (PAGA)” initiative, aimed at unlocking the full potential of digital payments in Latin America and the Caribbean. Following the successful Phase I of the program that brought together over 100 representatives from the public and private sectors, PAGA II has just been launched, which this time seeks to identify best practices and use cases to inspire further adoption of digital payments across MSMEs in the region with a focus on cross-border transactions. Together with the WEF and IDB Lab, we encourage interested stakeholders to actively participate in this important initiative and deliver successful use cases that can enable MSMEs to conduct cross-border transactions effectively. We invite you to submit your successful use cases by October 11 through this link: https://lnkd.in/eeCr7zjP Helping MSMEs thrive at every step is a top priority for Visa. #DigitalPayments #PAGA #VisaLAC #MSMEs

⭕ Yes! it's happening. #Remittance surpasses #FDI in low and middle-income countries (#LMICs). Thanks to Fintechs, it is easier to send money inter-regions ✴ #Remittances overtook foreign direct investment #fdi in low- and middle-income countries for the first time in 2022. ✴ International remittances have recovered from the dip in 2020 due to the #COVID19 pandemic. Migrants sent an estimated USD 831 billion in international remittances #globally in 2022, an increase from USD 791 billion in 2021 and significantly more than USD 717 billion in 2020. ✴ Low- and middle-income countries continued to receive vast sums of remittance #inflows, which increased by 8% between 2021 and 2022 from USD 599 billion to USD 647 billion. ✳ Since the mid-1990s, remittance has also greatly surpassed Official Development Assistance, i.e., government #aid designed to "promote developing countries' economic development and welfare. ✳ The combination of factors such as diaspora support, global migration trends, improved remittance infrastructure, economic conditions abroad, exchange rate fluctuations, government policies, and financial inclusion efforts all contribute to the increased flow of remittances into Africa. ⭕ Importantly, #Fintechs are making it easier and faster to remit money. ♻ How are African policies prioritizing remittances over FDI? ♻ We need a diaspora investment fund to support mega projects, do you believe so? #remittance #foreigndirectinvestment #aid #inflows #Africa #llc #policy #fintechs #global #covid19 ATLMoney RemitAll Software Regis Romero Alfredo Muñoz García Cecilia Ihrivbogbe Sam Aidoo saher sidhom Sam Moncur LLB Sam Kimangu Nkosi Moyo Nkosana Roda Eugenia Addai Nkrumah Teresa Nkonge Munene N. Adetutu Fafore Fafore Olusegun Michael CHRISTINE MWENDWA NKONGE

According to GSMA, West Africa is the leading global sub-region in mobile money-enabled international remittances and merchant payments. Digital #financialinclusion is crucial for African development, especially for #women and #youth in MSMEs. Digital payments can transform the lives of millions in West Africa. Worth reading. https://lnkd.in/gXqsni89

Building the Financial Infrastructure for Expanded MSME Financing - The APFF-ASEAN BAC Southeast Asia Conference had a session to discuss how APEC and ASEAN can accelerate key elements developed by ABAC, APFF and ASEAN BAC to promote MSME access to finance in Southeast Asia. These include secured transactions reforms, digital supply chain finance, expanded cross-border data flows, and interoperable open finance and open data systems. These were discussed by PayPal Thailand Managing Director Jirapun Pongpanite (representing the Emerging Payments Association Asia), APFF Secured Transactions Working Group Sherpa and Wells Fargo Head of Channel Finance Chris Wohlert, Future of Privacy Forum Asia-Pacific Policy Manager Dominic Paulger and Go Negosyo Senior Adviser Josephine Romero, and moderated by IFC Country Manager for Thailand and Myanmar Jane Yuan Xu. #apec #asean #apff #abac #smefinance #payments #opendata #openfinance #ifc #paypal #wellsfargo #futureofprivacyforum #dataflows #gonegosyo #privacy #securedtransactions #uncitral

UBA Plc Launches ₦239.4bn Rights Issue To Drive Growth  United Bank for Africa (UBA) Plc has launched a ₦239.4 billion Rights Issue, offering 6,839,884,274 new shares at ₦35.00 each. This marks the first phase of UBA's ₦400 billion equity shelf program approved earlier this year.  The Rights Issue, which started on November 15, 2024, is designed to strengthen UBA's lending capabilities, expand digital infrastructure, and support sustainable business growth across Africa.  Mr. Tony Elumelu, UBA’s Group Chairman, highlighted the bank’s commitment to driving economic development, including its partnership with the AfCFTA Secretariat, pledging $6 billion to support SMEs across Africa.  Shareholders can apply for the Rights Issue via the NGX e-offer portal or UBA's digital channels during the offer period.  Read more: 🔗 Full Article @ https://lnkd.in/gVRTVmuK  #UBA #RightsIssue #Africa #Growth #Innovation #FinancialSector #DigitalBanking  

Nigeria's SME landscape is at a crossroads, with digital transformation and innovation offering promising opportunities for growth, yet persistent challenges in access to funding and financial services hinder progress. The Visa SME Megatrends report highlights the need for issuing banks to step up and provide tailored support, but also underscores the urgency for policymakers to address the systemic issues plaguing SME development. It's time to move beyond rhetoric and deliver tangible solutions to unlock the true potential of Nigeria's SMEs. #NigeriaSMEs #DigitalTransformation #FinancialInclusion #SMEFunding #EcommerceGrowth #FinancialServices https://lnkd.in/eQhJh3xr

We are delighted to announce our new partnership with Evocabank, an Armenian bank with strong modern digital solutions for multiple banking needs and focus on medium-sized enterprises (SMEs) support. Through a USD 10 million facility, with USD 9 million dedicated to SME financing and USD 1 million for trade finance, we are providing Armenian businesses with the resources they need to grow, innovate, and expand into new markets. This new partnership reflects our continued commitment to strengthening the real sector and fostering economic cooperation across the Black Sea region. By helping SMEs enhance their competitiveness and engage in cross-border trade, we are contributing to Armenia’s economic development and regional integration. Upon signing the loan agreement, Dr. Serhat Köksal, President of Black Sea Trade & Development Bank (BSTDB) said: “Supporting the development of the SME sector is a core strategic priority for BSTDB, not just in Armenia but across all our member countries. Small and medium-sized enterprises are the backbone of any economy, and in Armenia, they play a crucial role in driving growth, innovation, and employment.  The funds we are providing will support these businesses in enhancing their operations and building resilience, ultimately contributing to the overall development and sustainable growth of the country’s economy.” More details: http://bit.ly/4hDRa7g #BSTDB #Evocabank #Armenia #SME #Finance #RegionalTrade #EconomicGrowth

Global remittances to #LMICs are expected to reach $690 billion in 2025, a critical source of income for millions of households in low- and middle-income countries. Despite the sheer scale and importance of these flows, the current systems used to transfer remittances remain inefficient, fragmented, and costly. The G20 target of reducing remittance costs to 3% by 2030 feels distant, as the global average still hovers around 6%, with intra-regional corridors exceeding 10%. At the core of this inefficiency is a patchwork of outdated cross-border payment infrastructures, opaque fee structures, limited incentives for financial sector to participate, and inconsistent regulatory frameworks. These factors leave migrants—often sending small amounts at higher frequency—bearing disproportionately high costs. With over 75 countries already using fast payment systems domestically, there’s enormous potential to extend these systems across borders. The Policymakers’ Handbook on Enabling Migrant Remittances in Cross-border Payment Models equips governments and regulators with 17 actionable tools to transform cross-border payment systems by prioritizing interoperability, transparency, and scalability. These reforms foster systemic improvements that lower remittance costs, drive greater financial sector participation, and advance financial inclusion. With sincere appreciation to Elizabeth McQuerry Joanna Wisniecka Cici Northup Juanita Woodward and Glenbrook Partners Team for their exceptional dedication and engagement, going above and beyond in collaboration with United Nations Capital Development Fund (UNCDF) Sara Puebla Serge Moungnanou Ambadiang Arunjay K. United Nations Capital Development Fund (UNCDF) is most grateful to over 20 organizations who participated in the consultation process and particularly AfricaNenda | Bangko Sentral ng Pilipinas | Bank for International Settlements – BIS | Buna (The Arab Regional Payments Clearing and Settlement Organization) | Deutsche Bundesbank | International Monetary Fund | Innovations for Poverty Action | Mojaloop Foundation | Swift | World Food Programme | State Bank of Pakistan (SBP) for their contributions to the peer review. Efforts possible with thanks to Sida and Swiss Agency for Development and Cooperation #migrantmoney https://lnkd.in/gzZD6Jxr

🌍 The AU and its member states aim to implement an integrated and inclusive digital economy to lower trade barriers by 2030. 📱 The rise in the number of instant payment systems in Africa is a substantial achievement, but despite their proliferation, the majority are not inclusive. Nominally, 56% do not provide all-to-all interoperability, which means their users are not able to make payments to/ from all other potential payment systems. Ennatu Domingo Soler and AfricaNenda’s Jacqueline Jumah and Sabine Mensah argue that instant payment systems play a crucial role in Africa’s digital public infrastructure, but that there are still many barriers to its interoperability – which Europe can help address. Read the full commentary 👉 https://bit.ly/3UtDrGh Digital for Development (D4D) Hub, Better Than Cash Alliance, CGAP, Collaboration on International ICT Policy for East and Southern Africa (CIPESA) #DigitalTransformation #Africa #AfricanUnion

IAMTN - Payments Network is honoured to announce James Borley, Managing Director, Payment Services, Cosegic with be joining us as a speaker at the IAMTN Summit 2024. James will be delivering a presentation on the topic 'Accessing the UK remittance market'. Given that Europe houses the largest payments market, the United Kingdom has historically attracted overseas remittance firms seeking to access this market and cater to various diaspora communities.Whilst broadly following the same approach and information requirements as the rest of Europe (i.e. the EBA Guidelines), the UK Financial Conduct Authority has in recent years been increasingly robust in its assessment of new licence applications. This session will delve into the essential requirements for obtaining authorization in the UK and provide crucial insights for prospective applicants. James Borley will also be joining us as a moderator for the session ' Advancing the G20 Roadmap and UNSDGs: Removing Regulatory Blockers and Accelarating Industry Innvovation. Seize the chance to meet James Borley at the IAMTN SUMMIT 2024! 📅 Date: 9-10 October 2024 🏨 Venue: Habtoor Palace, Dubai 🎟 Avail the Early Bird Offer & Register: https://lnkd.in/g7fUwEXn Veronica Studsgaard Nikila Punnoose Yves Doho Claudia Avila Maribel Sayago Sayago #IAMTNSUMMIT2024 #iamtnspeaker #licenses #guidelines #member #crossborderremittances #payments #regulatory #futuretrends #iamtnnetwork #innovation #financialinclusion #authorisation #interoperability #financialmarkets #fintech #seamless #crossborder #remittances #roadmap #blockers #UNSDGs