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Visa Inc. (NYSE:V) disclosed a collaboration with the United States Agency for International Development (USAID) to enhance global access to open, secure, and inclusive digital government systems.
Visa and USAID have committed to a five-year collaboration to help governments develop and adopt digital platforms that connect citizens to local government services.
This partnership aims to foster economic development by leveraging expertise in digital payments and government systems, while supporting constituents and small-to-medium enterprises in select markets.
Visa and USAID collaborate to develop and implement digital government systems that enable secure and convenient access to government services and digital payments.
The initial focus will be on Sub-Saharan Africa, Latin America and the Caribbean, and the Caucasus, with potential expansion to other regions over time.
Their joint efforts include collaborating with Ukraine’s Ministry of Digital Transformation on the Diia app, connecting 19 million citizens with 120+ government services.
Visa Foundation also co-founded the Climate Gender Equity Fund (CGEF) with USAID, supporting 1.4 million gender-equitable, climate-smart businesses globally.
Chris Newkirk, Global Head of New Flows – Commercial & Money Movement Solutions, said, “Digital government systems can help enhance transparency and efficiency between communities and governments, fostering a more favorable environment for entrepreneurs and economic development.”
“Through shared interests and goals, Visa and USAID will empower communities with digital and financial literacy and support access to digital systems that will help drive financial inclusion for everyone, everywhere.”
Investors can gain access to the stock via iShares U.S. Financial Services ETF (NYSE:IYG) and SPDR Select Sector Fund – Financial (NYSE:XLF).
Price Action: V shares are down 0.24% at $283.07 at the last check Thursday.
Photo via Shutterstock
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