Africa’s digital payments to reach $1.5trn by 2030 as Mastercard expands investment

A new Mastercard-commissioned report by Genesis Analytics has projected that Africa’s digital payments industry will soar to $1.5 trillion by 2030, highlighting the continent’s accelerating transformation into a digitally driven economy.

Powered by expanding internet access, increasing financial inclusion, and growing demand for secure digital services, the sector is poised to revolutionize how individuals and businesses transact across Africa.

In response to this projected growth, Mastercard is intensifying its strategic investment across Africa’s digital landscape, focusing on critical sectors such as fintech infrastructure, micro, small and medium enterprise (MSME) enablement, and cross-border payment solutions.

“Africa stands at the edge of a digital economic revolution,” Mastercard said in a statement accompanying the report. “To fully realize this potential, we’re investing where it matters most—empowering MSMEs, enabling fintechs, and creating inclusive digital systems.”

With MSMEs accounting for 96% of businesses and nearly half of Nigeria’s GDP, Mastercard is targeting this segment with bespoke tools designed to democratize access to digital commerce.

Its Tap on Phone and SME-in-a-Box initiatives enable micro-entrepreneurs to accept contactless payments using smartphones and easily access working capital.

Mastercard is also offering free digital learning tools, such as The Entrepreneur’s Odyssey, to help small business owners acquire skills for sustainable growth.

This support is bolstered through global programs like the Start Path initiative, which has worked with over 480 fintech startups worldwide, providing them access to Mastercard’s technologies, expertise, and global network to scale their offerings.

The company’s impact is amplified through large-scale partnerships such as the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, launched in collaboration with the African Development Bank Group. The initiative aims to connect 100 million Africans to digital financial services within the next decade, including 15 million people via Mastercard’s Community Pass—a digital platform that offers access to government and financial services in underserved communities.

Mastercard has also pledged globally to integrate 50 million MSMEs—half of them women entrepreneurs—into the digital economy by 2025.

Africa’s fintech space has exploded in recent years, with nearly half of all African fintech companies founded within the last six years, raising more than $6 billion in equity since 2000.

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Mastercard is actively driving this momentum through tools like Product Express, which simplifies the card program rollout process for fintech startups.

With Africa receiving nearly $100 billion in remittances in 2023—amounting to about 6% of the continent’s GDP—Mastercard is also investing in solutions to streamline cross-border money flows.

Its Cross-Border Services platform allows users to send and receive funds across borders through mobile wallets, bank accounts, cards, and cash pickup options.

Strategic partnerships with leading financial institutions, including Access Bank and Fidelity Bank, are helping expand digital payment access across multiple markets, empowering diaspora communities to support families back home and enabling African SMEs to engage more meaningfully in global trade.

With a legacy of working closely with African governments and private sector stakeholders, Mastercard reaffirmed its commitment to developing an inclusive, sustainable, and digitally connected African economy.

“We are not just in Africa—we are for Africa,” the company stated. “By combining cutting-edge technology with trusted partnerships, Mastercard is helping the continent leapfrog legacy systems and unlock its full economic potential.”

As the continent continues to lead in mobile money innovation, Mastercard’s expanding ecosystem of tools, platforms, and partnerships is positioning Africa to thrive in the global digital economy—now and for generations to come.