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Yahoo
9 minutes ago
- Yahoo
Visa opens first Africa data centre in Johannesburg
By Nqobile Dludla JOHANNESBURG (Reuters) -Visa Inc launched its first data centre in Africa on Wednesday, capitalising on the emerging economy's rapid growth in digital payments, company executives said. Speaking at the launch, Michael Berner, Visa's head of Southern and East Africa, said the facility was part of a 1 billion rand ($57 million) investment in South Africa over the next three years. "Visa continues to be very committed to the growth of the economy on the continent and building the data centre, which is frankly one of very few that are built outside of our core locations, which are the U.S., the UK and Singapore, is evidence of this commitment," Berner said. The data centre, in Johannesburg, represents a significant expansion of Visa's global processing network, VisaNet, which powers more than 100 billion transactions annually across 200 countries and territories, the company said. Africa's digital payments economy is expected to reach $1.5 trillion by 2030, supported by rapid advancements in internet penetration and financial inclusion, according to a 2025 Mastercard-commissioned report by Genesis Analytics. In South Africa, contactless transactions now account for over 60% of face-to-face payments, according to Berner. "When we look at South Africa, we really see it as a digital innovator and a digital leader on this continent. So having this data centre here can actually be a launch pad for solutions that we take across the continent," Lineshree Moodley, country manager for Visa South Africa, said. Moodley told Reuters on the sidelines of the event that the 1 billion rand investment was part of a $1 billion investment in Africa over five years, which was announced in 2022. Communications Minister Solly Malatsi hailed the data centre as a vote of confidence in South Africa as an investment destination, adding it "reduces the reliance on overseas infrastructure and boosts our national financial sovereignty". ($1 = 17.5638 rand) Sign in to access your portfolio
Associated Press
11 minutes ago
- Associated Press
Iranian negotiator doesn't rule out exiting nuclear treaty if sanctions are reimposed
UNITED NATIONS (AP) — A top Iranian official warned Wednesday that European threats to reimpose sanctions could lead Iran to withdraw from an international pact that limits the spread of nuclear weapons, one of the last remaining safeguards against the Islamic Republic's nuclear program. Iranian Deputy Foreign Minister Kazem Gharibabadi discussed with reporters his country's recourse against further financial punishment ahead of a critical meeting Friday with Britain, France and Germany. The talks between Iran and some of the remaining members of the 2015 nuclear deal, which the U.S. withdrew from in President Donald Trump's first term, are expected to take place in Istanbul. The three European countries have suggested triggering a so-called snapback provision in that accord that would reimpose sanctions on Iran if there is no progress on a deal to limit its nuclear program by August. The 2015 deal had eased economic penalties on Iran in exchange for restrictions and monitoring of its nuclear program, which Iran has insisted is peaceful. Gharibabadi, who has been part of the nuclear negotiation team, said that despite domestic pressure to withdraw from the separate, older Nuclear Non-Proliferation Treaty, especially in the aftermath of the recent Israeli and U.S. strikes on its nuclear sites, Iran has remained compliant with the 1970 treaty. 'But, I'm quite confident that if the snapback is triggered, Iran will not show more restraint in this regard,' Gharibabadi said. If Iran does exit the treaty, it will be just the second country to do so, after North Korea in 2003, whose withdrawal has never been formally accepted. The warning from Iran comes as the Trump administration is once again seeking to reach a deal with Tehran on its nuclear program. The two sides had held several rounds of talks before Israel staged a surprise attack in June. Gharibabadi and Iran's foreign minister, Abbas Araghchi, have remained optimistic that the triggering of sanctions and withdrawal from the treaty can be avoided with 'diplomacy and negotiation.' Gharibabadi said Friday's meeting is very important but that its success will depend on how the Europeans approach Iran this time around. 'We have always valued our meetings with the European countries. But there is an important issue: I think we have always told them that the policies of the European countries should be independent,' he said. 'They should not coordinate their positions with the Americans.' He added, 'If this is the case, why should we negotiate with the Europeans when we can negotiate with the Americans?' Iranian officials, including Gharibabadi, said they are open to proposals on how to prevent further sanctions and 'prevent a more complicated situation.'
Yahoo
38 minutes ago
- Yahoo
Visa opens first Africa data centre in Johannesburg
By Nqobile Dludla JOHANNESBURG (Reuters) -Visa Inc launched its first data centre in Africa on Wednesday, capitalising on the emerging economy's rapid growth in digital payments, company executives said. Speaking at the launch, Michael Berner, Visa's head of Southern and East Africa, said the facility was part of a 1 billion rand ($57 million) investment in South Africa over the next three years. "Visa continues to be very committed to the growth of the economy on the continent and building the data centre, which is frankly one of very few that are built outside of our core locations, which are the U.S., the UK and Singapore, is evidence of this commitment," Berner said. The data centre, in Johannesburg, represents a significant expansion of Visa's global processing network, VisaNet, which powers more than 100 billion transactions annually across 200 countries and territories, the company said. Africa's digital payments economy is expected to reach $1.5 trillion by 2030, supported by rapid advancements in internet penetration and financial inclusion, according to a 2025 Mastercard-commissioned report by Genesis Analytics. In South Africa, contactless transactions now account for over 60% of face-to-face payments, according to Berner. "When we look at South Africa, we really see it as a digital innovator and a digital leader on this continent. So having this data centre here can actually be a launch pad for solutions that we take across the continent," Lineshree Moodley, country manager for Visa South Africa, said. Moodley told Reuters on the sidelines of the event that the 1 billion rand investment was part of a $1 billion investment in Africa over five years, which was announced in 2022. Communications Minister Solly Malatsi hailed the data centre as a vote of confidence in South Africa as an investment destination, adding it "reduces the reliance on overseas infrastructure and boosts our national financial sovereignty". ($1 = 17.5638 rand)
