US-based payment service provider i2c Inc has announced a new partnership with Visa as a fintech processor in the MENA (Middle East and North Africa) region.
Through this arrangement, fintechs in the region will be able to access Visa’s global network as well as i2c’s agile issuing and processing platform by tapping into the combined companies’ suite of digital-first solutions and advanced payments technologies.
“We are honored to have partnered with Visa for Fintech Onboarding in the MENA region. This agreement will allow the region’s financial visionaries to go-to-market quicker and to innovate across a broad range of products and features including virtual cards, debit, prepaid, credit, BNPL, cryptocurrency, loyalty and more – and to do it securely and reliably.” Amir Wain, CEO, i2c said.
Andrew Torre, Regional President, CEMEA, Visa said “We see great opportunity to further accelerate financial access and drive innovation in emerging markets, and are proud to be working with leading partners who bring deep market understanding and fintech expertise. We are looking forward to working closely with i2c to accelerate the speed with which fintechs across the Middle East & North Africa region can create innovative payment solutions, built on the foundation of the Visa network.”
This agreement comes at a time of unprecedented fintech growth in the region with an estimated 680 million unbanked persons and 60 million untapped merchants in CEMEA. In fact, according to a recent report released by leading fintech BPC, 57 per cent of Africans do not hold any kind of bank account, including mobile money accounts.
The report which focuses on the regional market environment of Sub-Saharan Africa and relevant implications for key digital banking players notes that while there have been positive developments in recent years, a significant proportion of the Sub-Saharan African Market population remains unbanked.