The B20’s push to increase financial inclusion in the world through technology is the focus in this edition of Business Day Spotlight.
Host Mudiwa Gavaza is joined by Tareq Muhmood, regional president for Central Europe, Middle East and Africa (CEMEA) at Visa.
He discusses how the B20 — the official G20 dialogue forum with the global business community — aims to provide actionable recommendations to the G20, particularly concerning digital transformation and financial inclusion.
Muhmood emphasises the importance of secure digital ecosystems and highlights Visa’s R1bn investment in South Africa over the next three years, which includes the establishment of the continent’s first domestic Visa data centre.
He speaks to the B20’s goal of closing the gap between formal and informal economies by promoting digital payment adoption, which can help small and medium enterprises (SMEs) gain better access to formal credit and financial services.
He underscores that a modest annual increase in digital payment adoption can significantly reduce the size of the informal economy, thereby boosting tax revenue and overall economic stability.
Through the discussion, Muhmood highlights Visa’s role in the B20; financial inclusion goals; the company’s investment in SA; developments in payments technology; and comparing different countries’ payments capability.
Join the discussion:
Producer: Demi Buzo
Business Day Spotlight is an Arena Podcasts Production.
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