Africa’s digital payments economy is on a rapid growth trajectory, projected to reach $1.5 trillion by 2030, according to a Mastercard-commissioned report by Genesis Analytics.
As a long-term technology partner to the continent, Mastercard is deepening its commitment through investments, public-private partnerships, and digital innovation to expand financial access and economic opportunities.
Driving Africa’s digital growth
Mastercard’s strategy focuses on three key areas to boost financial inclusion:
1. Empowering MSMEs
MSMEs contribute over 50% of Africa’s GDP, making their digital transformation essential for economic growth. Mastercard’s initiatives include:
- MADE Alliance: Africa (in partnership with the African Development Bank) aims to provide digital access to 100 million businesses and individuals over the next decade.
- Community Pass, connecting remote communities to essential financial services, with a goal of 15 million registered users in Africa within five years.
- Tap on Phone & SME-in-a-box, enabling small businesses to accept digital payments.
- Track micro credit program, providing financing to micro-merchants.
- Entrepreneurial learning resources such as The Entrepreneur’s Odyssey and the Mastercard Trust Center.
2. Accelerating Africa’s fintech growth
Africa’s fintech sector is a major 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:
- Partnering with banks, telcos, and digital platforms to expand fintech services.
- Collaborating with M-Pesa, MTN Group Fintech, and e-commerce platforms to integrate payment solutions.
- Supporting fintech startups through its Fintech Express program, offering card issuance and security solutions leveraging AI, biometrics, and open banking.
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 further simplify and expand global payment options.
Africa is filled with immense potential, and its people will shape the global economy in the coming decades,” said president, Eastern Europe, Middle East and Africa at Mastercard, Dimitrios Dosis.
“By expanding our investments, fostering inclusion, and driving innovation, we are building a more connected digital future,” he added.
The report highlights rapid internet penetration (20% CAGR) and growing financial inclusion (6% annual growth) as key drivers of Africa’s digital transformation. Consumers and businesses are increasingly embracing contactless payments, accelerating financial accessibility across the region.
Read also: New opportunities emerge in Africa’s innovative digital payments sector
“For over five decades, we have worked with African governments, businesses, and communities to drive financial inclusion,” said the division president of Mastercard Africa, Mark Elliott.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, our focus is on leveraging technology to support this transformation.”
