Global payments giant Visa has announced that it will invest $1 billion in expanding its operations in Africa by 2027.

According to a statement, the pledge will be used to deepen collaboration with strategic partners, including governments, financial institutions, mobile network operators, fintechs, and merchants.

Visa estimates that there are currently over 500 million people in Africa who are underbanked or unbanked, and less than 50% of the continent's adult population have made or received digital payments. In addition, more than 40 million merchants do not accept digital payments.

The company believes that the new investment will facilitate additional opportunities to expand financial inclusion on the continent.