Friday, August 12, 2022

Visa registers 14 percent growth in Botswana

Visa Inc., the world’s largest retail electronic payments network, has reported a growth of 21 percent in payment volume across sub-Saharan Africa in 2010.

A statement from the company noted that the increase in transaction volume followed a successful year for Visa in terms of extending its debit business in the region, with payment volume in Botswana on Visa debit cards increasing by 14 percent.

The company continued key debit partnerships with leading Botswana based banks aiming to improve the card payment experience for cardholders, by providing increased debit card capabilities.

Current partnerships with Botswana banks issuing Visa debit cards include African Banking Corporation, Bank Gaborone, Bank of Baroda, Barclays Bank of Botswana, Capital Bank Limited, First National Bank Botswana, Standard Chartered and Bank of Botswana Limited.

As part of these relationships, Visa will continue to support all its partner banks to develop their debit portfolios and enhance customer experiences by increasing usage capabilities.

The increased debit offering will provide Botswana cardholders with increased flexibility, convenience and security that Visa debit products offer.

“Debit represents a major growth driver, not only in Botswana but around the world as Visa cardholders see the benefits and convenience of using these products, Jacqueline Malaba Country Manager for Botswana Visa sub-Saharan Africa said.

“Debit provides cardholders the ease and flexibility to ?pay now using funds available, while managing their budgets and enjoying the security, reliability and convenience of using Visa,” said.

While globally debit cards have traditionally gained the greatest traction in merchant segments such as grocery, petrol/gasoline, restaurants and pharmacies, consumers are also beginning to realise the convenience of debit payments for categories such as insurance, utilities and telecommunications, typically paper based transactions.

Visa believes that access to secure electronic payments through products such as debit cards is a vital first step toward financial inclusion and economic growth and is critical to the development of strong, modern economies.

Electronic payments promote transparency and accountability, reduce transaction costs, increase the number of people with access to formal financial services, and decrease the size of the gray or informal economy. This is particularly relevant in the developing economies of Africa such as Botswana.

“The partnership with Botswana banks is a reflection of the growing popularity of debit in the region. We have seen increased demand for products such as debit which allow cardholders to keep their spending within a budget while still providing them with access to their funds,” Visa said.

Visa cardholders can also see the benefit and convenience of using debit products, such as the ability to access funds at tens of millions of merchants and 1.8 million ATMs*** worldwide, the flexibility to “pay now” by using funds available, while managing their budgets and enjoying the security, reliability and convenience of using Visa.

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