Visa and Branch- two major finance platforms have partnered to ensure that virtual Visa prepaid debit cards is offered to more than 2 million customers across Sub-Saharan Africa. The partnership accommodates Visa’s larger strategy to partner and invest in growing FinTech companies that are reaching the unbanked clients. Branch will leverage on the partnership to add Visa payment services into its platform and enable cash-free payments.
The partnership will grant Visa merchants that accept Visa on mobile QR codes in Kenya, access to preferential loan terms from Branch, who plans to extend this service to Nigeria and Tanzania specifically. The loans will grant merchants access to funds to grow their business via supplement stock, infrastructure investment and other key operational needs. The loans will be disbursed through Visa virtual credentials attached to Merchants’ phones.
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Branch is a loan finance app that grants financial access to thousands of people across Africa. It leverages on the growth of smartphone usage to provide a unique customer-first financial products for people worldwide.
Visa’s Vice President, Strategic Partnerships, Fintech and Ventures, Otto Williams said, “Traditional barriers such as a credit score and bank account make financial accessibility a challenge for millions of people in Kenya and the region. By focusing on digitizing payments, we aim to build a more digitally inclusive ecosystem. We are confident that our collaboration with Branch will deliver on seamless access to finance for the unbanked. With this partnership we seek to offer value beyond just transactions. We would like to help merchants grow their business and drive financial inclusion among the small merchant segments that are often unable to access quick loans.”
Branch CEO, Mathew Flannery said, “At Branch, we think our innovative mobile financial app will be able to provide consumers and merchants access to financial services thereby creating a larger and more robust open-loop payments ecosystem for all participants. It only makes sense to be working together with Visa to bring world-class financial services to merchants here in Kenya and beyond.”