Mastercard Backs Africa’s $1.5 Trillion Digital Future
New report highlights Africa’s strong digital payments outlook; Mastercard deepens commitment to fintech, MSME enablement, and cross-border solutions
Africa stands at the threshold of a digital economic revolution. A new Mastercard-commissioned report by Genesis Analytics projects the continent’s digital payments sector will reach $1.5 trillion by 2030.
Driven by rising internet access, expanding financial inclusion, and a surging demand for secure and reliable digital financial services, this growth signals a new era of economic opportunity for millions of people and businesses across the continent.
To power this transformation, Mastercard is doubling down on its commitment to Africa by investing in the building blocks of the continent’s digital economy: scalable fintech infrastructure, meaningful financial access to micro, small, and medium enterprises (MSMEs), and seamless cross-border payment solutions.
Enabling the enablers
Mastercard’s strategy is rooted in creating lasting impact where it matters most. With MSMEs accounting for 96% of businesses and 49% of Nigeria’s GDP, and over half of Africa’s GDP, supporting these businesses is not just good economics but essential to the continent’s long-term growth.
Through solutions like Tap on Phone and SME-in-a-Box, Mastercard is making it easier for micro-entrepreneurs to accept payments and access working capital. Free educational resources like The Entrepreneur’s Odyssey are equipping business owners with knowledge to scale sustainably.
This impact is amplified through platforms like the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, launched in collaboration with the African Development Bank Group. This initiative aims to connect 100 million individuals and businesses to digital services over the next decade, including 15 million users via Mastercard’s Community Pass platform, a tech-powered gateway to formal services in underserved communities.
Mastercard’s commitment to empowering MSMEs is further demonstrated through its global pledge to bring 50 million MSMEs, including 25 million women entrepreneurs, into the digital economy by 2025. As part of this effort, the Mastercard Start Path program has been instrumental in supporting fintech startups that provide innovative solutions for small businesses. Since its inception, Start Path has collaborated with over 480 startups worldwide, offering them access to Mastercard’s technology, expertise, and network to scale their solutions.
A fertile ground for fintech
Africa’s fintech sector continues to be a major driver of digital transformation—nearly half of the region’s fintech were founded in just the last six years, collectively raising over $6 billion in equity since 2000. Mastercard is accelerating this momentum by enabling digital players through programs like Product Express, which simplifies onboarding and speeds up card program rollout for startups.
In parallel, Mastercard is embedding next-gen technologies like biometrics, AI, open banking and cybersecurity into the region’s payments fabric. Through Brighterion’s AI-powered fraud detection and the Mastercard Trust Center’s cybersecurity tools, the company is strengthening trust and resilience in digital commerce.
Unlocking cross-border opportunity
Africa received nearly $100 billion in remittance inflows in 2023, representing around 6% of the continent’s GDP. Mastercard is facilitating greater access and efficiency in cross-border flows through its Cross-Border Services platform, which enables individuals and businesses to send and receive funds via mobile wallets, cards, bank accounts or cash pickup—across borders and currencies.
Strategic partnerships are central to this approach. Collaborations with banks like Access Bank and Fidelity Bank are expanding access to global payments across multiple African markets, helping diaspora communities support loved ones back home and enabling SMEs to participate more actively in international trade.
A long-term commitment
Mastercard is in Africa, for Africa. From launching inclusive payment platforms to co-developing government infrastructure, the company has worked hand-in-hand with public and private sector partners for decades.
Through technology and partnership, Mastercard aims to support Africa to reach its great potential. As Africa continues to lead global innovation in mobile money and leapfrog legacy systems, Mastercard remains resolute in its commitment to building an inclusive, sustainable and digitally connected economy that unlocks prosperity for generations to come.
