Visa Foundation has committed $210 million to two programmes to support small and micro businesses to address urgent needs from local communities following the spread of COVID-19.
Its Chairman, Mr Al Kelly, on Tuesday in Lagos said the support aligned with the foundation’s long-term focus on women’s economic advancement and inclusive economic development.
In a statement, Kelly said the first programme of $10 million was designated for immediate emergency relief to support charitable organisations on the frontlines responding to the COVID-19 pandemic.
These include public health and food relief in each of the five geographic regions in which Visa operates.
Said Kelly: “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 recognise this need.
“We are also committed to the long-term recovery, and will continue to explore way to accelerate economic activity in line with our mission to help individuals, businesses and economies thrive.”
Kelly said the second programme was a five-year strategic $200 million commitment to support small and micro businesses around the world, focussing on fostering women’s economic advancement.
He said this would expand the Foundation’s long-standing support for small and micro businesses globally.
He said: “The funds from the Visa Foundation will provide capital to non-government organisations (NGOs) and investment partners supporting small and micro businesses.
“Small and micro businesses are backbone of the global economy, accounting for more than 90 per cent of worldwide businesses and contributing 50 to 60 per cent of global employment.