DIGITAL momentum across Africa is accelerating, and by 2030, the continent’s digital payments market is expected to soar to $1.5 trillion, according to a Mastercard-commissioned report by Genesis Analytics. This forecast highlights a fundamental shift underway in how Africans move money, do business, and access financial tools.
Mastercard, a long-time player in Africa’s fintech space, is doubling down on the region’s growth potential. Through a mix of strategic investments, tech partnerships, and public-private collaborations, the global payments giant is rolling out solutions to bring millions more into the digital economy.
‘Africa is filled with immense possibilities, and its people will shape the global economy in the coming decades,’ said Dimitrios Dosis, President for Eastern Europe, Middle East, and Africa at Mastercard.
Let’s break down how Mastercard is shaping this transformation.
MSMEs at the heart of digital inclusion
Micro, Small, and Medium Enterprises (MSMEs) make up more than half of Africa’s GDP and are crucial to economic growth. Mastercard’s focus here is clear: digitise these businesses to unlock wider financial access.
Key initiatives include:
- MADE Alliance: Africa (with the African Development Bank), aiming to reach 100 million businesses and individuals over the next decade.
- Community Pass, linking remote communities to vital financial services, with a goal of enrolling 15 million users in five years.
- Tap on Phone and SME-in-a-Box, making it easy for small vendors to accept digital payments.
- Track Micro Credit Programme, giving micro-merchants access to credit.
- Entrepreneurial tools like The Entrepreneur’s Odyssey and Mastercard Trust Centre offer learning and security support.
These programmes are designed to bridge the gap between cash and digital, especially in underserved regions.
Fuelling the fintech engine
Africa’s fintech space is buzzing. Nearly half of the continent’s fintech firms were launched in the past six years, with $6bn raised since 2000. Mastercard is feeding this growth engine with funding, infrastructure, and partnerships.
Its efforts include:
- Collaborations with banks, telecoms, and digital platforms to build stronger fintech ecosystems.
- Partnerships with names like M-Pesa, MTN Group Fintech, and major e-commerce players to integrate secure payment solutions.
- Support for startups via Fintech Express, which offers tools for card issuance, fraud prevention, and cutting-edge tech like AI and biometrics.
With Africa poised to lead global fintech trends, Mastercard’s role is to clear the runway.
Streamlining remittances and cross-border transfers
In 2023 alone, Africa received $100bn in remittances—about 6 percent of its GDP. These flows are lifelines for millions, and Mastercard is making them faster and more affordable.
Through its Cross-Border Services, the company enables safe, efficient international transfers. Partnerships with Access Bank and Equity Bank are expanding reach and simplifying transactions for individuals and businesses alike.
A digital future built on access and innovation
‘For over five decades, we have worked with African governments, businesses, and communities to drive financial inclusion,’ said Mark Elliott, Mastercard’s Division President for Africa.
With nine of the world’s 20 fastest-growing economies expected to be in Africa by 2030, Mastercard’s strategy is clear: help build a more inclusive, connected, and resilient digital economy.
The report also notes key enablers of this growth: 20 percent annual growth in internet penetration and a 6 percent yearly rise in financial inclusion. Consumers and businesses are embracing contactless payments, and digital tools are spreading fast.
Backed by smart tech, bold partnerships, and real-world impact, Mastercard’s play in Africa isn’t just about transactions—it’s about transformation.
