Empowering Inclusive Growth – How is VISA Making a Difference?
Inclusive growth isn’t just a lofty ideal. It’s a vital approach to ensuring that economic opportunities reach everyone, no matter where they are in the world. Our member VISA, a global leader in digital payments, is deeply committed to fostering this kind of growth. Through strategic partnerships, VISA is paving the way for financial inclusion and economic empowerment in regions that need it the most. From the busy markets of Kyrgyzstan to the artisan workshops of Morocco, VISA’s initiatives are making a tangible difference.
BRINGING DIGITAL PAYMENTS & TRANSFORMING COMMERCE IN KYRGYZSTAN’S BAZAARS
Kyrgyzstan’s Dordoi Bazaar is one of Central Asia’s largest markets, buzzing with activity as merchants sell everything from clothing to electronics. However, despite its size and significance, the bazaar has long struggled with financial inclusion. Until recently, only about 10% of the 60,000 merchants had access to banking services. This lack of access to financial tools hindered their ability to grow their businesses and serve their customers effectively.
VISA saw an opportunity to bring about change. By partnering with the Dordoi Association and New Market Technologies, VISA introduced digital payment solutions that have revolutionised the way business is done in the bazaar. Merchants were equipped with tap-to-phone technology and VISA business cards, enabling them to accept payments digitally. This shift not only simplified transactions but also increased customer trust, which is crucial in any financial ecosystem.
By fostering trust, VISA is helping merchants in Kyrgyzstan not only to survive but to thrive in an increasingly digital world.
SUPPORTING WOMEN ARTISANS IN MOROCCO
While Kyrgyzstan’s story is about empowering small merchants, Morocco’s tale is one of elevating artisans—particularly women. Artisans are a cornerstone of Morocco’s economy, representing 30% of the workforce and contributing 7% to the country’s GDP. However, despite their critical role, many artisans, especially women, have faced significant barriers to accessing broader markets and fully benefiting from their craft.
VISA’s partnership with Neolli, a digital marketplace platform, is changing the game for these artisans. The platform supports 2.5 million artisans across Morocco, helping them integrate into the digital economy. This is particularly impactful for women, who make up 80% of the artisan workforce. Through digital payments and online marketplaces, these women are now able to reach customers far beyond their local communities, selling their goods across the country and even internationally.
BUILDING A TRUST-BASED DIGITAL ECONOMY
VISA’s work in Kyrgyzstan and Morocco is part of a broader global effort to build a trust-based digital economy. From Nigeria, where VISA is helping small businesses integrate digital payments into their operations, to Bangladesh, where cattle farmers are being protected from counterfeit currency, VISA’s initiatives are driven by one core belief: trust is essential for economic inclusion.
“Inclusive growth rests on partnerships, and we are committed to uplifting everyone, everywhere, to participate in the global economy with every little step they take,” says Carl Manlan in his recent article. This philosophy underpins VISA’s ongoing collaborations, ensuring that digital payments are not only accessible and affordable but also secure and trusted.
VISA’s efforts to build trust in digital payments go beyond providing the technology. The company works closely with local partners, governments, and communities to ensure that the systems they implement are tailored to the needs of the people they serve. This approach helps to build confidence in digital financial services, encouraging more people to adopt these tools and integrate them into their daily lives.
THE POWER OF STRATEGIC PARTNERSHIPS
At the heart of VISA’s success in driving inclusive growth is its ability to form powerful, strategic partnerships. Whether it’s working with local organizations in Kyrgyzstan and Morocco or joining forces with the MENA Fintech Association, VISA understands that collaboration is key to achieving sustainable economic development.
These partnerships are not just about implementing technology; they are about creating ecosystems where everyone has the opportunity to succeed. By empowering small merchants and artisans through digital payments, VISA is contributing to a more inclusive global economy. This work is particularly important in regions like the Middle East and North Africa, where financial inclusion can have a profound impact on economic stability and growth.
VISA as a member of the MENA Fintech Association is a testament to the power of collaboration. Together, they are working to promote financial inclusion across the region, ensuring that the benefits of digital payments reach every corner of society. This partnership highlights the importance of collective action in driving change and creating opportunities for all.
A GLIMPSE OF VISA IN THE MENA REGION
A FUTURE OF INCLUSIVE GROWTH
As VISA continues to expand its efforts to foster inclusive growth, the impact of these initiatives is becoming increasingly clear. In markets in the MENA region, VISA is not only providing the tools for financial inclusion but also building the trust and confidence needed to use them effectively. Through its strategic partnerships and commitment to innovation, VISA is helping to create a world where everyone, regardless of their location or background, can participate in the global economy.
This future is one where small merchants and artisans can thrive, where women can access new markets, and where everyone has the opportunity to benefit from the digital economy. By focusing on trust, innovation, and collaboration, VISA is ensuring that this vision becomes a reality for millions of people around the world.
📩 For more information, shoot us an email at marketing@mena-fintech.org
