Fundamo, a South African company recently acquired by Visa, provided the technology for the product, and the new card will be available to Nigerian and Ugandan customers first.
Visa said the new product, a Visa prepaid account that can be accessed through a mobile phone, offers consumers in developing countries a globally interoperable electronic payment account.
MTN Group, a telecommunications provider in Africa and the Middle East, plans to offer the new Visa product to MTN Mobile Money customers across its markets.
Jim McCarthy, head of product for Visa said reaching consumers who have previously lacked access to formal financial services with secure and reliable electronic payments is finally a reality.
"Mobile technology has become the single most important driver of financial inclusion that is enabling financial institutions, mobile network operators and Visa to connect unbanked consumers to each other and the global economy.
