Africa’s digital payment economy is projected to reach $1.5 trillion by 2030, according to a report commissioned by Mastercard.
The report carried out by Genesis Analytics attributes this projected growth to increasing internet penetration, expected to expand at an annual rate of 20 percent and rising financial inclusion, which is growing at 6 percent per year. These trends are driving the adoption of digital transactions, with businesses and consumers embracing contactless payment solutions at an accelerating pace.
“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 for Eastern Europe, the Middle East, and Africa at Mastercard. “By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
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The report highlights the rapid adoption of digital financial services across the continent, spurred by growing internet access, financial inclusion, and the influence of fintech innovation.
“Our investments today will help build a more resilient economy for the future,” said Mark Elliott, Division President for Africa at Mastercard.
Cash transactions in Nigeria are projected to decline by 32 percent by 2030, according to Worldpay’s Global Payments Report 2024.
Much of this shift is being powered by smartphones, which are transforming economic participation in remote areas and enabling millions to engage with the global economy.
By driving innovation, strengthening partnerships, and scaling digital solutions, Mastercard aims to contribute to a thriving digital payments landscape that empowers millions of individuals and businesses across Africa. By continuing to invest in financial technology and inclusion, Mastercard aims to unlock greater economic opportunities for individuals and businesses across Africa.