Mastercard has unveiled a strategic plan to accelerate Africa’s digital payments economy, projected to reach $1.5 trillion by 2030, according to a report commissioned by the company and conducted by Genesis Analytics.
The initiative focuses on three key areas: empowering micro, small, and medium enterprises (MSMEs), fostering fintech innovation, and scaling cross-border payments.
The company is leveraging partnerships with governments, banks, and fintech firms to expand digital connectivity and financial inclusion.
For MSMEs, which contribute over 50% of Africa’s GDP, Mastercard is deploying solutions like Tap on Phone and SME-in-a-Box, alongside its Track Micro Credit Program.
Additionally, the Mobilizing Access to the Digital Economy (MADE) Alliance, in collaboration with the African Development Bank Group, aims to provide digital access to 100 million individuals and businesses within a decade.
Africa’s fintech sector, which has raised $6 billion in equity financing since 2000, is another focal point. Mastercard’s partnerships with M-Pesa in Kenya and MTN Group Fintech have already enabled millions to access mobile money services. The company’s Fintech Express program further supports fintechs with card issuance and fraud prevention tools.
Cross-border payments, critical to Africa’s economic mobility, are also being streamlined. Mastercard’s Cross-Border Services, in collaboration with Access Bank and Equity Bank, facilitate secure remittances via bank accounts, mobile wallets, and cards.
“Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead,” said Dimitrios Dosis, president of Eastern Europe, Middle East, and Africa at Mastercard. Mark Elliott, division president for Africa, added, “Our investments today will help build a more resilient economy for the future.”
The continent’s digital transformation is bolstered by rapid internet penetration, projected to grow at 20% annually, and financial inclusion, expanding at 6% per year. Mastercard’s efforts aim to create a more inclusive and connected digital economy across Africa.
