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Africa’s Digital Payments Economy to Reach $1.5 Trillion by 2030

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Africa’s digital payments economy is set to grow exponentially, according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030.

As a longstanding technology partner to Africa, Mastercard says it continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth. By fostering collaboration with key stakeholders, Mastercard aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.

Mastercard’s investments will focus on three key areas to further accelerate digital adoption and financial inclusion: enabling Africa’s Micro, Small and Medium Businesses (MSMEs), empowering Africa’s fintech sector and scaling remittances and cross-border payments

“Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future,” said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard.

Africa’s digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent. According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% per year​.

These trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.

“For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development. With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent’s continued digital transformation. Our investments today will help build a more resilient economy for the future,” said Mark Elliott, division president, Africa, Mastercard.

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Written by
BT Reporter

editor [at] businesstoday.co.ke

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