Africa’s digital payments economy is projected to reach $1.5 trillion (approximately Sh193.5 trillion) by 2030, according to a Mastercard-commissioned report by Genesis Analytics.
Dimitrios Dosis, President for Eastern Europe, the Middle East, and Africa at Mastercard, stated that this surge is fueled by increasing internet penetration, expanding financial inclusion, and a thriving fintech ecosystem, all driving the continent’s digital transformation.
“Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. By increasing our investments, expanding innovation, and promoting inclusion, we are helping build a more connected and accessible digital future,” Dosis said.
The payment solutions platform is intensifying its focus on Africa’s digital economy with investments aimed at micro, small, and medium enterprises (MSMEs), fintech growth, and cross-border payments. Acknowledging that MSMEs contribute over 50% of Africa’s Gross Domestic Product (GDP), the payments giant is launching digital tools to assist small businesses, including Tap on Phone and SME-in-a-Box, which offer merchants cost-effective payment solutions.
The company is also enhancing its Track Micro Credit Program to improve access to finance for informal merchants and expanding free business education platforms like The Entrepreneur’s Odyssey and Mastercard Trust Center. These initiatives align with Mastercard’s broader goal to bring 15 million African users onto its Community Pass platform within five years, as part of a partnership with the African Development Bank Group to extend digital access to 100 million people and businesses.
Africa has become a hotspot for fintech activity, with nearly half of the continent’s fintech companies founded in the past six years, collectively raising $6 billion (approximately Sh774 billion) in equity financing since 2000. Mastercard is leveraging partnerships with banks, telecom companies, and startups to accelerate growth. Its collaboration with M-Pesa in Kenya and MTN Group Fintech has broadened digital financial access for millions of previously unbanked consumers.
Through its Fintech Express program, Mastercard is also facilitating card issuance for African startups while implementing identity, biometric, AI, and open banking solutions to enhance security in digital transactions.
Cross-border payments, a vital component of Africa’s economic mobility, are another significant focus. The World Bank estimates that Africa received about $100 billion (approximately Sh12.9 trillion) in remittances in 2023, accounting for roughly 6 percent of the continent’s GDP. Mastercard is enabling seamless, cost-effective international money transfers through its Cross-Border Services, simplifying global transactions for businesses and individuals.
Collaborations with regional banks, such as Access Bank and Equity Bank, are further integrating Mastercard’s payment infrastructure into Africa’s financial ecosystem, making cross-border payments more convenient and accessible via bank accounts, mobile wallets, cards, and cash.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are dedicated to leveraging our expertise and technologies to support the continent’s ongoing digital transformation,” said Mark Elliott, Mastercard’s division president for Africa.
