A recent Mastercard-commissioned report by Genesis Analytics has stated that the digital payments economy in Africa would continue to grow, with a projection that is expected to reach $1.5 trillion by 2030.
As a longstanding technology partner to Africa, Mastercard continues to strengthen its commitment to the continent's digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth. By fostering collaboration with key stakeholders, Mastercard aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
Giving details of the continent's digital growth, the report said Mastercard's investments would focus on three key areas to further accelerate digital adoption and financial inclusion, which include: Enabling Africa's Micro, Small and Medium Businesses (MSMEs); Empowering Africa's fintech sector; and Scaling remittances and cross-border payments.
Analysing the report, President, Eastern Europe, Middle East and Africa at Mastercard, Dimitrios Dosis, said: "Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future."
Africa's digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent. According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20 per cent, while financial inclusion is set to expand at six per cent annually.
The trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
Giving further details about the report, Division President for Africa at Mastercard, Mark Elliott, said: "For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. With Africa projected to host nine of the world's 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent's continued digital transformation. Our investments today will help build a more resilient economy for the future."
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According to Elliott, Mastercard is committed to: Enable Africa's Micro, Small and Medium Enterprises (MSMEs); Empower Africa's Fintech sector; and Scale remittances and cross-border payments.
In the area of MSMEs empowerment, Elliot said: "Recognising that MSMEs account for over 50 per cent of Africa's GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion.
This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group. The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years."
In the area of Fintech empowerment, Elliot said: "Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets."
For scaling remittances, Elliot said: "Local partnerships such as the recent agreements with Africa's Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible."
