Visa to Fund Africa Fintech Startups With $1 billion

Visa Inc., which is investing $1 billion in Africa over the next five years, plans to fund and train financial technology startups to help it tap businesses and consumers in Africa.

It is a continent where McKinsey & Co. estimates that up to 90% of financial transactions are conducted using cash.

The San Francisco-based technology firm plans to train 40 startups and fund a few each year, Andrew Torre, Visa’s president for Central and Eastern Europe, Middle East and Africa, said in an interview.