This archive report was first published on 10 May 2020.
Visa Foundation Commits Ksh 21bn to Support COVID-19 Relief and Small Businesses ¶
On April 8, 2020, the Visa Foundation announced a commitment of two programs totaling $210 million (Ksh 21 billion) to address the urgent need from local communities following the spread of COVID-19, as well as to support small and micro businesses.
The first program of $10 million (Ksh 1 billion) is designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, such as public health and food relief, in each of the five geographic regions in which Visa operates, including Kenya.
Visa CEO and Chairman Al Kelly stated, 'As COVID-19 continues to unfold, communities are feeling the effects and need our immediate support. As a global company that operates a very local business, we recognize this need. We're also committed to the long-term recovery and will continue to explore ways we can accelerate economic activity in line with our mission to help individuals, businesses and economies thrive.'
The second program is a five-year, strategic $200 million (Ksh 20 billion) commitment to support small and micro businesses around the world, with a focus on fostering women's economic advancement. This action expands the Visa Foundation's long-standing support for small and micro businesses globally.
Small and micro businesses are the backbone of the global economy, accounting for more than 90 percent of worldwide businesses and contributing 50 to 60 percent of global employment. There is a $300 billion annual credit deficit in funding for women-owned small and micro businesses, which is expected to grow given the recent economic turmoil unfolding due to COVID-19.
Visa Foundation President Graham Macmillan said, 'Two hundred million dollars in new financial resources demonstrates our continuing commitment to support small and micro businesses, with a focus on women's economic advancement globally. When women thrive, communities thrive. We know this matters now more than ever as the global economy seeks to recover and rebuild.'
