Africa’s digital payments sector is on a trajectory to reach $1.5 trillion by 2030, according to a recent report commissioned by Mastercard and conducted by Genesis Analytics. This anticipated growth highlights the continent’s rapid embrace of digital financial solutions and the increasing integration of technology in everyday transactions.
Africa’s digital payments economy is experiencing rapid growth, driven by increasing internet penetration and expanding financial inclusion. The report highlights that internet access across the continent is growing at a compound annual rate of 20%, enabling broader adoption of online financial services.
This surge in connectivity is making digital payment platforms more accessible to consumers and businesses, accelerating the transition towards cashless transactions. Additionally, financial inclusion is expanding at a rate of 6% annually, allowing more individuals and enterprises to engage in the digital economy.
With mobile wallets and online banking services becoming more prevalent, the report notes a significant shift in consumer preferences toward contactless payment solutions that enhance economic participation and financial accessibility.
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.
In response to this evolving landscape, Mastercard has reaffirmed its dedication to Africa’s digital transformation through strategic investments, public-private partnerships, and innovative initiatives aimed at fostering financial health and economic growth. Dimitrios Dosis, President for Eastern Europe, Middle East, and Africa at Mastercard, stated:
“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.”
Mastercard’s investments will focus on three key areas to further accelerate digital adoption and financial inclusion:
Empowering Micro, Small, and Medium Enterprises (MSMEs): Recognizing that MSMEs contribute over 50% of Africa’s GDP, Mastercard is introducing digital solutions to support small businesses. The Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in collaboration with the African Development Bank Group, aims to provide digital access to essential services for 100 million individuals and businesses over the next decade. Additionally, Mastercard plans to register 15 million users in Africa within five years through its Community Pass program, which connects remote communities to various services.
Advancing the Fintech Sector: Africa’s fintech ecosystem has seen remarkable growth, with nearly half of all fintech firms founded in the last six years, collectively raising $6 billion in equity financing since 2000. Mastercard is partnering with banks, telecommunications companies, and service providers to accelerate fintech expansion into new markets. Collaborations with entities like M-Pesa in Kenya and MTN Group Fintech have enabled millions to access digital financial services via mobile platforms.
Enhancing Cross-Border Payments: Efficient cross-border transactions are vital for Africa’s economic mobility. In 2023, the continent received approximately $100 billion in remittances, accounting for about 6% of its GDP. Mastercard’s Cross-Border Services offer a secure platform for individuals and businesses to remit funds, simplifying global transactions through partnerships with banks like Access Bank and Equity Bank.
As Africa’s digital payments economy progresses towards the $1.5 trillion milestone by 2030, the focus will remain on fostering innovation, enhancing financial inclusion, and building resilient digital infrastructures. Mark Elliott, Division President for Africa at Mastercard, emphasized:
“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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