In a move set to bolster Nigeria’s digital economy, American multinational financial services corporation Visa Inc. has announced plans to establish a state-of-the-art data centre in the country. The initiative aligns with Nigeria’s growing fintech dominance and is expected to enhance digital transactions, cybersecurity, and financial inclusion.

Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, Andrew Torre, revealed the plans during a meeting with Vice President Kashim Shettima at the Presidential Villa in Abuja. The upcoming data centre forms part of Visa’s long-term investment strategy in Nigeria, which has already exceeded $1 billion.

Beyond its core financial services, Visa has played an active role in advancing Nigeria’s digital and economic landscape. The company’s major partnerships include a collaboration with Moniepoint to drive digital payment solutions, a $200 million investment in Interswitch to facilitate digital transactions, and an alliance with ThriveAgric to support smallholder farmers and promote food security.

Torre emphasized Visa’s commitment to Nigeria’s technological advancement, stating, “Visa has been making investments and will continue to make these investments in Nigeria. This data centre will introduce new technologies that will enhance the country’s digital economy.”

Vice President Shettima welcomed Visa’s investment, assuring the corporation of a sustained partnership with the Nigerian government. He praised Visa’s involvement in the agricultural sector through its partnership with ThriveAgric and reiterated the administration’s commitment to modernizing agriculture as part of its 8-point agenda.

“Nigeria is where the action is. Of the ten fintechs in Africa, about eight are in Nigeria, with Moniepoint as the newest addition. Agriculture is key to the 8-point agenda of the present administration. President Bola Ahmed Tinubu is really keen on repositioning the agriculture industry here, and we have to invest in technology, we have to invest in modernisation,” Shettima stated.

Visa’s planned data centre aligns with Nigeria’s broader push for digital and economic transformation. The country has been forging key partnerships to enhance its technology sector. In October 2024, the Nigerian government signed a Memorandum of Understanding (MoU) with Ericsson to expand 5G connectivity, a move expected to drive fintech adoption and artificial intelligence integration across multiple industries.

With a rapidly growing fintech ecosystem, increasing foreign investments, and a government committed to technological advancement, Nigeria is positioning itself as a leading digital economy in Africa. Visa’s latest move further cements the country’s role as a crucial hub for financial technology and innovation.