Africa is on track to become a $1.5 trillion digital payments market by 2030, according to a new report commissioned by Mastercard and produced by Genesis Analytics.
The report highlights the continent’s fast-growing digital economy, fueled by increasing internet penetration, stronger financial inclusion, and rising demand for secure digital financial services.
In response to this momentum, Mastercard is deepening its long-term commitment to Africa by investing in key areas that support this transformation, scalable fintech infrastructure, access to financial tools for micro, small and medium enterprises (MSMEs), and efficient cross-border payment solutions.
The company’s strategy is focused on creating long-lasting impact where it matters most.
MSMEs, which make up 96% of businesses and nearly half of Nigeria’s GDP, and over 50% of Africa’s GDP, are a core priority.
Through tools like Tap on Phone and SME-in-a-Box, Mastercard is enabling small entrepreneurs to accept payments and access working capital.
Business owners also benefit from free resources like The Entrepreneur’s Odyssey, which offers knowledge and guidance to help them grow sustainably.
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That support is further extended through initiatives such as the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, developed in partnership with the African Development Bank Group.
The alliance aims to connect 100 million people and businesses to digital services over the next decade, including 15 million users through Mastercard’s Community Pass platform, which helps underserved communities access formal financial systems.
Mastercard has also committed globally to bring 50 million MSMEs into the digital economy by 2025, including 25 million women entrepreneurs.
One major pillar of this effort is the Start Path program, which has supported more than 480 fintech startups around the world by giving them access to Mastercard’s technology, expertise, and network to scale their innovations.
Africa’s fintech ecosystem continues to accelerate at a remarkable pace.
Nearly half of the region’s fintechs were established in the past six years, raising over $6 billion in equity since 2000.
Mastercard is playing a key role in that growth through programs like Product Express, which simplifies onboarding and helps startups roll out card programs faster.
As part of its long-term strategy, Mastercard is also embedding advanced technologies such as biometrics, artificial intelligence, open banking, and cybersecurity into Africa’s payment infrastructure.
With solutions like Brighterion’s AI-powered fraud detection and the Mastercard Trust Center’s cybersecurity resources, the company is working to build trust and resilience across digital commerce platforms.
Cross-border payments remain another major focus. In 2023, Africa received nearly $100 billion in remittance inflows, representing about 6% of the continent’s GDP.
Mastercard is helping streamline these flows through its Cross-Border Services platform, which enables individuals and businesses to send and receive money across countries and currencies via mobile wallets, cards, bank accounts, or cash pickup. Key partnerships are at the heart of this effort.
Collaborations with institutions such as Access Bank and Fidelity Bank are expanding access to global payments in multiple African markets, helping diaspora communities support families and enabling small businesses to engage in international trade more efficiently.
Mastercard’s presence in Africa spans decades, working closely with public and private partners to deliver inclusive payment platforms and co-develop infrastructure with governments.
As the continent continues to lead global progress in mobile money and digital innovation, the company remains committed to helping build a sustainable, inclusive, and digitally connected economy that fosters prosperity for future generations.
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