- Visa is partnering with Congo’s local banks to launch Visa Pay, an interoperable mobile solution aimed at digitising one of Africa’s largest remittance corridors.
Global payments heavyweight Visa has launched a new mobile payment solution, Visa Pay, in the Democratic Republic of the Congo (DRC), signalling a major push into the country’s lucrative, and largely cash-based, financial landscape. The move is a direct challenge to incumbent mobile money operators and traditional remittance services in a nation where the diaspora sends home over $3.3bn annually.
Announced recently, Visa Pay is an interoperable platform that allows users to send, receive, and make payments directly from their mobile phones. By partnering with an initial cohort of eight local banks — including heavyweights like UBA, Equity Bank, and Access Banque — Visa is betting that a bank-led, interoperable approach can capture a significant slice of the market.
The solution will be available as a standalone app and can also be integrated directly into the partner banks’ existing mobile applications, offering a two-pronged strategy to reach customers.
The $3.3bn Prize
The strategic importance of the DRC market is clear. According to the World Bank, the Congolese diaspora, estimated to be up to 2 million people residing primarily in Europe and North America, remitted $3.3bn in 2023. This flow of capital is a critical economic lifeline, often outpacing institutional humanitarian aid.
Until now, a large portion of these funds has moved through traditional money transfer operators like Western Union or informal cash-based networks. Visa Pay aims to disrupt this by offering a formal, digital alternative.
The platform’s key features are tailored for the Congolese market:
- Dual Currency Wallets: Users can transact in both Congolese Francs (CDF) and US Dollars (USD), reflecting the dual-currency nature of the DRC’s economy.
- Interoperability: The system is designed to work across participating banks and, crucially, aims to bridge the gap with mobile networks, a direct challenge to the often-siloed ecosystems of mobile money providers.
- Digital and Physical Access: The app facilitates online payments through virtual cards and allows for cash-in and cash-out services at partner bank branches, bridging the digital and physical economies.
“The launch is part of our commitment to driving innovative solutions as a catalyst for greater financial inclusion,” said Sophie Kafuti, General Manager for Visa in the DRC. “Through Visa Pay, we aim to stimulate economic growth and to help establish the DRC as a regional leader in financial technology.”
Navigating a Crowded Field
Visa is not entering an empty arena. The DRC’s digital payment space is fiercely contested by established mobile money operators like M-Pesa (Vodacom), Orange Money, and Airtel Money. These telco-led services have a significant advantage with vast agent networks that reach deep into unbanked and rural populations, something a purely bank-led model may struggle to replicate quickly.
Furthermore, a host of international fintechs, such as WorldRemit and Taptap Send, have already made inroads in simplifying cross-border payments into the DRC.
Visa’s strategic advantage lies in its brand recognition, security infrastructure, and its ability to unify a fragmented banking sector. By creating an interoperable network from day one, it avoids the walled-garden problem that can limit the utility of individual mobile money apps. For consumers, this could mean no longer needing multiple apps or SIM cards to transact with different people or businesses.
The success of Visa Pay will ultimately depend on its ability to offer a cheaper, faster, and more convenient user experience than the established competition, and on its capacity to build a robust agent network beyond bank branches to truly compete with the reach of mobile money.