In a bid to adopt to future challenges in the financial sector, Visa has moved in early to realize and recognize the importance of strategic partnerships and collaboration with Financial technology companies known as FinTechs in providing better experiences in carrying out financial transactions.
These technological advancements are not only reshaping operational strategies but also setting new standards for customer experiences within the sector.
As a result many FinTechs have expressed concerns that banks primarily focus on hosting banks accounts rather than forming deeper collaborations as infrastructure providers.
The future collaboration includes investments in cyber security and data protection units and making sure they provide clients and broader consumers with the trust that their Data is secure.
As a result, VISA has pledged to work with financial technological companies in reshaping the way they transact and do business by working together in developing solutions for the customers.
This comes amidst threats of a new trend where mobile money mainly driven by Fintechs is becoming a growing threat to card payments in the Banking sector.
This was disclosed by Michael Berner Senior Vice President & Group Country Manager Southern & Eastern Africa together with Godfrey Sullivan, Senior Vice President Head of Products & Solutions who have been on a working visit to Uganda.
According to Michael Berner VISA believes working with Fintechs in developing financial solutions is the ideal way of ensuring a secure and stable digitalization in financial transactions in Africa.
Visa maintains that digital payments is still an ideal solution in securing financial transactions and want this to be popularized across the country with main focus of spreading the benefits also in rural communities.
