AFRICA’s digital payments economy is set to grow rapidly, with a Mastercard-commissioned report by Genesis Analytics forecasting it will reach $1.5 trillion by 2030. This surge in digital payments is a sign of Africa’s economic potential and the growing role technology will play in shaping its future.
Mastercard’s president for Eastern Europe, Middle East, and Africa, Dimitrios Dosis, highlighted Africa’s vast possibilities and its increasing influence on the global economy. “We are committed to supporting digital transformation in Africa by working with entrepreneurs, merchants, banks, startups, telcos, and governments,” said Dosis. “Our goal is to build a more connected and accessible digital future, with greater investment and innovation in the region.”
The rapid growth of internet access and financial inclusion is driving the digital transformation. Internet penetration in Africa is expected to grow by 20% annually, while financial inclusion will increase by 6% per year, providing more people with access to digital payments. This shift to digital transactions is transforming how businesses and consumers in Africa engage in financial activities, with contactless payments becoming more popular.
Mastercard’s strategy focuses on three key areas to boost Africa’s digital growth:
- Supporting Micro, Small, and Medium Businesses (MSMEs)
- Empowering the fintech sector
- Expanding remittances and cross-border payments
As these trends continue, Africa’s digital economy will only become more integrated and vital to its overall growth.
