Digital payments platform Visa has today launched the Visa Innovation Studio which is housed at Merchant Square – Riverside Drive – Nairobi. This is the first Innovation Studio of its kind in Sub-Saharan Africa and it will offer Visa partners opportunities to co-create future solutions for commerce. The studio which is testament of Visa’s commitment to Africa will serve the sub-Saharan Africa region and joins a network of innovation centers operated by Visa since 2016, in cities including Dubai, Singapore and San Francisco.
The launch event which was graced by the Central Bank Governor Dr. Patrick Njoroge among other representatives from all over Africa was an opportunity for attendees to catch a glimpse of just how bottomless the digital payments scene can be, and how creativity in innovation can help tap into this potential. Guests got a walkthrough of the studio to see practically how Visa can be used for a cashless economy, including the transport system.
I was privileged to be in attendance to see the services show cased and speaking as an end user, I can say that both concept and actualized innovations in there are nothing short of outstanding. For the transport sector for instance, Visa had a ‘scan to pay’ demo on how to pay for matatu rides by scanning a QR code. There is also the option of tap to pay where users can use their mobile phones. For Visa for connected home, the demo was on how users can run a whole lot of errands from within the Visa super app. Errands like grocery shopping, banking, and booking flights which they can even pay by airline mile points.
What fascinated me the most was the Magic Mirror where visa has made it possible to try on clothes virtually before purchasing, also virtually. This was a beautiful demonstration of how the physical can meet digital seamlessly for the benefit of end users. It showed how the discomfort of trying on clothes that have been tried on by other people in the case of physical shops can be eliminated.
The launch of this studio is very timely for Sub-Saharan Africa for several reasons. One, consumer habits and attitudes are changing and technology is becoming real in day to day use. Two, the region’s economy is still cash based, with about 90% of payments being made in cash. Three, we have a young vibrant population that is bursting with ideas and creativity. This is the energy needed for innovation and creation of new products and services. Four, mobile phone penetration and availability of fairly good internet coverage puts the region at a competitive position to innovate around everyday challenges.
With Kenya being a phenomenal example of how technology in commerce can do, Nairobi is a befitting fit for the new studio.
“Sub-Saharan Africa is a fast-growing region with a tech-savvy population. As we continue to grow digital payments adoption in the region, our aspiration is to deepen our collaboration with clients and partners in developing solutions that are designed around the unique needs of Africa,” – Aida Diarra – Senior Vice President & Head of Visa – Sub-Saharan Africa.
On his part, the Central Bank Governor Dr. Patrick Njoroge said that he is more than happy to see partnerships between banks and a digital services provider like Visa. He agreed with the genera theme of the day that more quality financial services are needed and that nobody can cover this ground alone.
If you want to go far, go with someone.
Dr. Patrick Njoroge – Governor – Central Bank of Kenya.
