Africa's digital payments economy is experiencing rapid growth, with projections estimating a $1.5 trillion valuation by 2030, according to a Mastercard-commissioned report by Genesis Analytics. Mastercard is solidifying its long-term commitment to the continent by deepening investments, fostering public-private partnerships, and spurring digital innovation to broaden financial access and economic opportunities.

Driving Africa’s Digital Growth

Mastercard’s strategy centers on three pivotal areas to accelerate financial inclusion:

"Africa is filled with immense possibilities, and its people will shape the global economy in the coming decades," stated Dimitrios Dosis, President, Eastern Europe, Middle East, and Africa at Mastercard. "By expanding our investments, fostering inclusion, and driving innovation, we are building a more connected digital future."

The report underscores rapid internet penetration (20% CAGR) and escalating financial inclusion (6% annual growth) as primary drivers of Africa’s digital transformation. Both consumers and businesses are increasingly adopting contactless payments, thereby accelerating financial accessibility throughout the region.

"For over five decades, we have worked with African governments, businesses, and communities to drive financial inclusion," added Mark Elliott, Division President, Africa, Mastercard. "With Africa projected to host nine of the world’s 20 fastest-growing economies, our focus is on leveraging technology to support this transformation."

1. Empowering MSMEs

MSMEs contribute over 50% of Africa’s GDP, making their digital transformation crucial for overall economic growth. Mastercard’s initiatives include:

2. Accelerating Africa’s Fintech Growth

Africa’s fintech sector is a significant force in digital transformation, with nearly half of all fintech firms founded in the last six years and $6 billion raised in equity financing since 2000. Mastercard is driving fintech growth by:

3. Enhancing Remittances & Cross-Border Payments

Cross-border transactions are vital for Africa’s economy, with remittances reaching $100 billion in 2023, accounting for 6% of the continent’s GDP. Mastercard’s Cross-Border Services provide a secure, seamless solution for individuals and businesses to send and receive money across Africa and beyond. Partnerships with Access Bank and Equity Bank are further simplifying and expanding global payment options.

Shaping Africa’s Digital Future

Mastercard is dedicated to investment, innovation, and strategic partnerships that enhance financial inclusion, expand digital transactions, and strengthen Africa’s economic connectivity. These efforts are helping build a more inclusive, accessible, and resilient digital economy for the future.