Bloomberg News

Visa Targets 30% Rise in Transaction Volumes in Kenya This Year

February 20, 2012

Feb. 20 (Bloomberg) -- Visa Inc., the world’s biggest electronic payments network, plans to increase the volume of transactions in Kenya by more than 30 percent this year, according to Victor Ndlovu, country manager for East Africa.

The number of transactions increased 26 percent to almost 5 billion shillings ($60.2 million) last year, Ndlovu said in an interview on Feb. 17 in Nairobi, the capital.

“We are obviously trying to grow that much more because of our presence and what we think we are going to be doing in the market,” Ndlovu said.

The company opened a regional office in Nairobi in December that is responsible for operations in about 20 English-speaking countries in sub-Saharan Africa, he said. Most of the growth in Kenya, east Africa’s biggest economy, is from retail outlets, travel and entertainment industries.

Visa has almost doubled the number of branded credit cards in Kenya to 4.1 million at the end of September from 2.7 million a year earlier, Ndlovu said.

--Editors: Nasreen Seria, Vernon Wessels

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus