A report by Mastercard in collaboration with Genesis Analytics predicts that the size of the digital payment economy in Africa could reach approximately $1.5 trillion by 2030, driven by the spread of the internet, financial inclusion, and widespread adoption of contactless payment solutions.
According to the report, Mastercard continues to strengthen its commitment to stimulating digital growth on the continent, relying on strategic investments and public-private partnerships, alongside innovative initiatives aimed at empowering small and medium-sized enterprises, expanding cross-border payments, and enhancing the capabilities of fintech companies.
In this regard, Dimitrios Dosis, President of Mastercard for Eastern Europe, the Middle East, and Africa, stated that Africa is filled with tremendous potential, and its people have the ability to shape the global economy in the coming decades.
The same official emphasized that “Mastercard reaffirms its steadfast commitment to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, startups, telecom companies, and governments.”
Through increased investments, expanded innovation, and enhanced financial inclusion, Dimitrios affirmed that “Mastercard is helping to build a digitally interconnected future where communications are widely accessible.”
This digital transformation relies on an anticipated annual growth of 20% in internet penetration and 6% in financial inclusion. Users and businesses are increasingly shifting towards digital transactions, facilitating broader access to financial services across various regions of Africa.
Mark Elliott, Head of African Affairs at Mastercard, noted that the company’s efforts over more than five decades in partnership with governments and communities on the continent fall within the context of achieving economic development, pointing out that “the continent includes nine of the fastest 20 growing economies in the world, giving it a strategic position in the upcoming global economy.”
According to the same document, Mastercard places special importance on empowering micro, small, and medium-sized enterprises, which contribute over 50% of Africa’s GDP.
The global company is also developing solutions such as “Tap on Phone” and “SME-in-a-Box,” expanding financing programs like “Track Micro Credit,” along with providing educational tools such as “The Entrepreneur’s Odyssey” and “Mastercard Trust Center.”
The fintech ecosystem is a foundational pillar in this transformation, having attracted investments nearing $6 billion since 2000.
To support this sector, the report affirms that Mastercard is forming strategic partnerships with companies like M-Pesa and MTN, enabling millions to access financial services via mobile phones.
On the cross-border payments front, the company aims to facilitate international financial operations through partnerships with local banking institutions, such as Access Bank and Equity Bank, providing secure and flexible solutions that allow for easy financial transactions via bank accounts, e-wallets, and cards.
In conclusion, Mastercard emphasized its commitment to building a more inclusive and sustainable African digital economy through innovation, partnerships, and investments aimed at enhancing digital connectivity and expanding the base of beneficiaries of financial services, contributing to unlocking the continent’s potential and opening broader horizons for its people.
