Copia and Visa announce financial services partnership for Kenya

Copia and Visa announce financial services partnership for Kenya

Copia Global, an e-commerce/fintech platform for African mass-market consumers, and payment giant Visa have announced a strategic five-year partnership to provide digital financial services to middle to low-income consumers in Kenya.

The partnership between the two companies will include a digital wallet that brings together shopping and financial services into what is described as one user-friendly platform. The Copia super-app enables consumers to not only shop and pay but also to save and borrow.

The partners say that customers will be able to fund their digital wallets, shop for household goods, pay in flexible ways and access additional financial services such as ‘buy now pay later’ credit, and ‘save now buy later’ savings. They will also be able to build a credit score and benefit from Visa’s loyalty solutions.

The Visa partnership will also enable diaspora Kenyans to remit funds directly into the Copia wallet for purchases of essential goods and services back home.

It seems that recent changes in consumer profiles are making the provision of digital financial services a very attractive market to be in. Copia points out that more than 73% of its middle and low-income consumers now own smartphones, a leap from less than 10% a decade ago. In addition while most of Copia’s agents were using offline (text-based) ordering at the end of 2022 about 80% of them now use the Copia app.

This trend is likely to continue if the cost of entry-level smartphones and the price of data in the Kenyan market go on falling.

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