In this Interview, Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA), Visa, Tareq Muhmood, speaks on Nigeria’s place in digital payments globally, why Visa is are making long-term commitments through partnerships with banks and fintechs to co-create products and solutions that make digital payments more accessible to individuals, SMBs, and the unbanked. Excerpts

Nigeria is one of Africa’s largest economies. How critical is the market to Visa’s long-term growth strategy?

Nigeria is central to Visa’s strategy in Africa. With its huge population, and young people, the country represents one of the most dynamic and strategically important markets for digital payments globally. For Visa, Nigeria is a large market; it is a hub that influences how commerce and payments evolve across West Africa. That is why we are making long-term commitments through partnerships with banks and fintechs to co-create products and solutions that make digital payments more accessible to individuals, SMBs, and the unbanked—enabling

innovation at scale. We are also supporting Nigerian start-ups through initiatives like the Visa Africa Accelerator program, which connects them to Visa’s global expertise and network to strengthen the local ecosystem. Nigeria’s entrepreneurial energy, tech-savvy youth, and position as a regional financial hub make it central to shaping the future of digital payments for Africa, as well as for the global economy.

Consumer behaviours are shifting rapidly towards digital-first lifestyles. How is Visa adapting its products and services to meet these changing expectations?

We recognise that today’s consumers expect payments to be instant, seamless, and secure across all channels. Our approach is to meet people where they are by embedding Visa into the digital platforms and experiences that shape their daily lives. In e-commerce, for example, we are strengthening online security with innovation like tokenisation and Visa Secure, which protect card details while keeping the checkout process smooth. At physical retailers, tap-to-pay has become a trusted and convenient way to transact, and in many African cities Visa technology is powering contactless experiences, from supermarkets to transportation. We are also working with digital wallets, super apps, and fintech platforms to integrate Visa payments directly into the services consumers already rely on. Beyond consumer spending, we are enabling faster, and more reliable payment flows for SMBs and freelancers, helping them thrive in a digital economy. Across all these efforts, our focus remains clear: to ensure Visa remains the best way to pay and be paid.

Collaboration is key in today’s financial ecosystem. How is Visa working with Nigerian banks, fintechs, and regulators to strengthen the payment landscape?

Partnership has always been at the heart of Visa’s model, and in Nigeria it remains the foundation of how we strengthen the payment ecosystem. We work with leading banks to design and deliver innovative card products that expand access to digital payments and deepen financial inclusion. At the same time, we collaborate with fintechs to embed Visa seamlessly into digital wallets, lending platforms, and everyday lifestyle apps, ensuring that consumers and businesses can transact with speed, security and confidence. Equally important is our engagement with regulators, where we share insights and global best practice to help shape an enabling policy environment that fosters innovation and trust. This three-way collaboration between banks, fintechs, and regulators is what allows the ecosystem to thrive. By aligning Visa’s global expertise with Nigeria’s entrepreneurial drive and regulatory vision, we are building a payments infrastructure that not only meets today’s needs but is also flexible enough to support the opportunities of tomorrow.

With the African Continental Free Trade Area opening new opportunities, how is Visa enabling faster, safer, and more affordable cross-border transactions for businesses and consumers?

The AfCFTA is a transformative opportunity for Africa, and payments are at the heart of unlocking its full potential. At Visa, we are enabling cross-border commerce by ensuring that transactions are faster, safer, and more affordable for both consumers and businesses. Through our global acceptance network, African enterprises, from large corporates to small traders, can seamlessly connect with markets across the continent and beyond, making it easier to sell goods, expand services, and attract new customers.

We are also investing in solutions that address the specific challenges of intra-African trade. For example, we are working to lower the cost of remittances, which remain a vital lifeline for many households, while also improving settlement processes so that SMBs can move money and receive payments more efficiently. By combining our global infrastructure with local innovation, Visa is effectively building the digital rails that will support the free flow of goods,

services, and capital under AfCFTA. Our vision is to make it just as simple for a business in Lagos to transact with a partner in Nairobi as it is with a partner in London or New York.

Financial inclusion remains a big priority for Nigeria. What role is Visa playing in extending access to digital payments for underserved communities, SMBs, and informal markets?

At Visa, we believe financial inclusion is more than technology, it is also about building trust and confidence in digital finance. That is why in addition to providing secure and convenient payment solutions, we invest in education and awareness. Through partnerships with schools, NGOs, and community organisations, we deliver program that teach the basics of money management, fraud awareness, and responsible use of digital tools. These initiatives are designed to reach women, young people, and rural populations who are often excluded from the financial system. For example, Visa has partnered with Junior Achievement Nigeria to launch a financial literacy program aimed at empowering young people with essential money management skills. This is part of our broader commitment to building digital confidence across communities. We also recognise the vital role that SMB and informal markets play in Nigeria’s economy. By working with fintech’s and financial institutions, we are supporting traders, artisans, and small business owners’ access digital payment solutions that make it easier to transact, save, and grow their businesses. Education remains at the core of inclusion, and by combining digital access with digital confidence, we are ensuring that more Nigerians can participate fully and safely in the financial ecosystem.

Cybersecurity and fraud are growing concerns in the digital payments space. What steps is Visa taking to strengthen trust and security for Nigerian consumers and businesses?

Trust is the foundation of payment, and protecting consumers and businesses is at the core of everything we do. At Visa, we invest a substantial amount of funds annually in technology and talent dedicated to cybersecurity, fraud prevention, and risk management. In Nigeria, this translates into advanced tools such as real-time fraud monitoring, artificial intelligence that analyses billions of transactions to detect unusual patterns, and tokenisation technology that

replaces sensitive card details with secure digital credentials. We also work closely with banks, fintechs, and regulators to share intelligence and best practices to ensure the entire ecosystem is better equipped to respond to emerging threats. Just as important is our focus on consumer awareness. Through financial literacy program and partnerships with NGOs and community groups, we help Nigerians understand how to use digital payments safely and responsibly. By combining global security innovation with local collaboration, Visa ensures that every transaction is fast, convenient, and secured.

Drawing on your global leadership experience across Asia, the Middle East, and Europe, what lessons are you applying in Nigeria and Africa to unlock the next wave of growth in the payment ecosystem?

One of the biggest lessons from leading across diverse markets is that while the pace of innovation may vary the fundamentals of trust, partnership, and inclusion are universal. In Asia, for example, we saw how collaboration between governments, banks, and fintechs accelerated digital adoption at scale. In the Middle East, investment in robust infrastructure laid the groundwork for secure, cross-border commerce. And in Europe, the focus on consumer protection and data privacy-built confidence that fuelled sustained growth. In Nigeria and across Africa, we are applying these lessons in a way that reflects the region’s unique strengths. That means partnering deeply with local banks and fintech innovators to design solutions that are relevant to everyday needs; working alongside regulators to ensure the right balance between innovation and safety; and investing in infrastructure like our Africa Data Centre to provide the backbone for future growth. Most importantly, it means never losing sight of inclusion making sure that women, youth, SMBs, and underserved communities can all participate in and benefit from the digital economy. By combining global best practices with Africa’s energy and ingenuity, we see enormous potential to unlock the next wave of growth in the payment ecosystem.

Looking ahead, what is Visa’s vision for Africa’s financial landscape, and how does the company plan to contribute to that future?

Our vision is of an Africa where every individual and business, whether an affluent professional, a farmer, or a small business owner, can participate fully and confidently in the digital economy. Over the next decade, we will continue to invest in the infrastructure, innovation, and partnerships that make this vision possible. That includes scaling technologies that simplify payments, expanding acceptance networks for merchants of all sizes, and building platforms that enable SMBs and entrepreneurs to grow beyond borders. At the same time, we are focused on driving inclusion by ensuring underserved communities have both access and the knowledge to use digital financial tools safely. Through educational programs, partnerships with NGOs and community organisations, and initiatives that support women, youth, and small businesses, we aim to build digital confidence alongside access. For globally connected consumers, we will keep delivering premium services that make commerce seamless and secure, whether at home or abroad. Ultimately, we see Visa as a digital payment company as well as an enabler of growth, trust, and opportunity, a long-term partner in shaping Africa’s financial future.

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