Visa office opening ceremony Egypt. Image Courtesy: Visa Inc.
The new office will enable Visa to attract key Egyptian talents, while also providing support to its operations in Egypt and the North Africa, Levant and Pakistan (NALP) region, the company said in a statement Thursday.
Visa -- which experienced a 15 percent growth in its workforce this year -- is eying more expansion in the NALP region.
The new office marks a "significant milestone in our regional expansion," said Leila Serhan, vice president and group country manager for NALP.
Visa was the first international digital payments organization to begin operations in Egypt, Serhan said, adding: "We believe in the country’s immense potential."
The new office opening follows a series of partnerships with the public and private sectors to introduce "innovative" payment products tailored to the needs of Egyptian consumers, noted Visa’s Egypt Country Manager Malak El Baba.
In recent years, Egypt has made significant progress towards digitalization.
By December 2022, the country inked 29 agreements with foreign businesses, including IBM, Amazon, Microsoft, and Dell Technologies to establish outsourcing centres nationwide.
The deals were projected to increase Egypt's digital exports by $1 billion by 2025 and generate more than 34,000 jobs.
Egyptian digital exports are projected to reach approximately $5.5 billion in FY 2022/23, reflecting a 12.2 percent increase from $4.9 billion in FY2021/22.
Egypt has invested EGP 50 billion in digital transformation projects, Minister of Telecommunications and Information Technology Amr Talaat said in October 2022.
Founded in 1985 by Bank of America, Visa now operates in more than 200 countries and territories with e-payment products and services available on cards, laptops, tablets, mobile devices and more.