Africa’s digital payments economy is projected to grow exponentially, reaching $1.5 trillion by 2030, according to a new report commissioned by Mastercard and conducted by Genesis Analytics.
The findings highlight the continent’s rapid digital transformation, driven by increasing internet penetration, financial inclusion, and innovative payment solutions.
Mastercard has reaffirmed its commitment to accelerating this growth through targeted investments in key areas, including support for Micro, Small, and Medium Enterprises (MSMEs), empowerment of fintech innovation, and enhancement of cross-border payments.
Initiatives like the Mobilizing Access to the Digital Economy (MADE) Alliance aim to provide 100 million individuals and businesses with digital access over the next decade, addressing critical gaps in financial inclusion.
Partnerships with mobile money platforms such as M-Pesa and MTN Group Fintech are already expanding access to digital financial services, while programs like Fintech Express streamline card issuance for startups, fostering innovation in the fintech sector.
On the cross-border front, Mastercard’s Cross-Border Services and collaborations with major African banks are simplifying remittances, which contributed $100 billion to Africa’s GDP in 2023, ensuring seamless and secure transactions across the region.
Dimitrios Dosis, President for Eastern Europe, Middle East, and Africa at Mastercard, emphasized the continent’s potential, stating, “Africa’s people and businesses are shaping the global digital economy. Through partnerships and innovation, we’re building a more inclusive financial ecosystem.”
The report highlights that internet penetration in Africa is growing at a compound annual rate of 20%, while financial inclusion expands at 6% per year, driving widespread adoption of digital payments. Mobile money, contactless transactions, and e-commerce integrations are key catalysts in this shift, enabling businesses and consumers to participate more actively in the digital economy.
Mark Elliott, Division President for Africa at Mastercard, underscored the company’s long-term role in Africa’s development, noting, “With nine of the world’s fastest-growing economies here, our investments today will strengthen resilience and accessibility for tomorrow.”
Mastercard’s initiatives, such as Community Pass—which aims to register 15 million users in Africa within five years—and tools like SME-in-a-Box, are designed to bridge gaps for underserved communities and small businesses, ensuring they are not left behind in the digital revolution.
As Africa’s digital economy continues its upward trajectory, Mastercard’s focus on collaboration, security, and scalable solutions aims to ensure sustainable growth, unlocking opportunities for millions across the continent. By leveraging strategic investments, public-private partnerships, and cutting-edge technology, Mastercard is helping to build a more inclusive and resilient digital future for Africa.
