Africa’s digital payments economy is projected to reach $1.5 trillion by 2030, according to a Mastercard-commissioned report by Genesis Analytics. This growth is driven by rapid internet penetration, increasing financial inclusion, and a shift towards digital transactions.
As a key technology partner in Africa, Mastercard is deepening its investment in the continent’s digital transformation. Through public-private partnerships and innovative financial solutions, the company aims to enhance digital connectivity and expand economic opportunities for individuals and businesses.
Key Focus Areas
To accelerate digital adoption and financial inclusion, Mastercard is prioritizing:
- Supporting Micro, Small, and Medium Businesses [MSMEs]
- Empowering Africa’s Fintech Sector
- Scaling Remittances and Cross-Border Payments
Enabling MSMEs
Small businesses contribute over 50% of Africa’s GDP. Mastercard is helping MSMEs transition into the digital economy through solutions like Tap on Phone and SME-in-a-Box, which enable digital transactions. Additionally, the Track Micro Credit Program is improving access to finance for micro-merchants.
The Mobilizing Access to the Digital Economy [MADE] Alliance, in partnership with the African Development Bank, aims to provide digital access to essential services for 100 million individuals and businesses. Mastercard is also expanding Community Pass, a social enterprise initiative designed to connect remote communities with financial and government services, targeting 15 million users within five years.
Strengthening Africa’s Fintech Ecosystem
Fintech is a key driver of Africa’s digital transformation. Nearly half of the continent’s fintech companies were established in the last six years, collectively raising $6 billion in equity funding.
Mastercard is supporting fintech growth by partnering with banks, telcos, and digital service providers. Notable collaborations include M-Pesa in Kenya and MTN Group Fintech, which provide mobile money solutions to millions of unbanked individuals. The Fintech Express Program also offers fintech startups an end-to-end platform for card issuance and digital payment solutions.
Expanding Cross-Border Payments
With Africa receiving around $100 billion in remittances annually, seamless cross-border transactions are critical for economic mobility. Mastercard’s Cross-Border Services provide a secure way for people and businesses to send and receive money globally.
Local partnerships, such as agreements with Access Bank and Equity Bank, are making international transactions easier and more accessible via mobile wallets, bank accounts, and cards.
For over 50 years, Mastercard has worked with African governments, businesses, and communities to advance financial inclusion and economic growth. As Africa’s economy expands home to nine of the world’s 20 fastest-growing economies. Mastercard is investing in innovation, partnerships, and secure digital solutions.
By strengthening digital transactions and financial accessibility, Mastercard is playing a vital role in shaping Africa’s digital future, fostering resilience, and ensuring that businesses and individuals thrive in the evolving digital economy.
