Mastercard recently convened its inaugural Africa Edge summit, bringing together a powerful consortium of leaders from across Africa’s dynamic payments ecosystem.
The summit served as a crucial platform to address the continent’s accelerating digital transformation, with a keen focus on fostering collaboration and innovation to unlock the full potential of Africa’s digital economy, projected to reach a staggering USD 1.5 trillion by 2030.
Hosted by Mark Elliott, Division President, Africa, Mastercard, the event drew senior representatives from leading banks, fintech companies, telecommunications providers, regulatory bodies, and technology partners. Discussions centered on the critical pillars of infrastructure development, building trust, and enhancing interoperability – all essential components for a robust and inclusive digital economy that benefits both consumers and small businesses.
A key theme throughout the summit was the imperative to expand low-cost acceptance, improve interoperability, and bolster security at scale.
With internet penetration in Africa forecasted to grow at an impressive 20% annually, participants underscored the vital role of seamless, secure, and interconnected payment systems in sustaining growth and fostering new avenues for trade and entrepreneurship.
Mastercard utilized the summit to unveil two groundbreaking innovations poised to redefine digital commerce. The first was the successful execution of the first-ever Agent Pay transaction in the EEMEA region, signifying a significant leap towards autonomous, secure, and easily accessible payment experiences.
Complementing this, Mastercard launched the Merchant Cloud, a unified platform designed to empower merchants by integrating payments, artificial intelligence, and robust security features, enabling confident growth in an omnichannel environment.
These innovations collectively underscore Mastercard’s unwavering commitment to developing intelligent, inclusive, and resilient payment ecosystems that will fuel Africa’s digital transformation.
Mark Elliott emphasized Mastercard’s deep-rooted commitment to the continent, stating, “Africa Edge is a reflection of Mastercard’s long-term commitment to this continent. It is about collaboration and supporting partners across the ecosystem to deliver secure, seamless and accessible digital experiences that help people and businesses grow. Africa’s digital economy is scaling fast, and Mastercard is proud to be a trusted technology partner helping power that growth.”
The discussions throughout the day consistently highlighted the growing importance of payment immediacy and liquidity. Panelists noted how same-day settlement capabilities are instrumental in enabling small businesses to absorb economic shocks, reduce borrowing needs, and reinvest more swiftly.
South Africa’s real-time clearing system was frequently cited as a successful model as Mastercard continues to advance instant-payment capabilities across various African markets.
Ling Hai, President of APEMEA, Mastercard, further reiterated the critical role of faster payments in assisting small businesses with cash flow management and growth. He stressed that Africa’s digital future hinges on simple, safe, and accessible payment solutions that seamlessly operate across diverse markets and devices, advocating for enhanced collaboration between the public and private sectors to ensure that innovation benefits all.
Keynote speaker, Futurist John Sanei, captivated the audience with insights into how human adaptability and emotional intelligence will be paramount to leadership success in an era increasingly shaped by AI. A dedicated spotlight session with Smile ID addressed the escalating threat of synthetic identities and deepfakes, showcasing how Mastercard and Smile ID are synergistically combining AI-driven liveness checks and verification to strengthen digital onboarding processes and mitigate fraud across African markets.
Shehryar Ali, Senior Vice President and Country Manager, East Africa & Indian Ocean Islands, Mastercard, highlighted East Africa’s pioneering role in mobile payments: “East Africa has long led the world in mobile payments. We are building on that foundation by linking ecosystems like Airtel Money, MTN Momo, Mixx by Yas and M-PESA to global payment rails and expanding secure, interoperable digital solutions that support individuals and SMEs. With 91 percent of Kenyan SMEs already using digital payments, the region continues to set the pace for Africa’s $1.5 trillion digital economy opportunity.”
The summit culminated in a celebratory awards ceremony and gala dinner, honoring Mastercard’s partners and customers across Africa who have demonstrated outstanding contributions to advancing innovation and inclusion within the digital economy.