Digital payments in Africa to hit $1.5tr by 2030 — Report | The Guardian Nigeria News

A new report by Genesis Analytics says Africa’s digital payments economy is expected to reach $1.5 trillion by 2030. The report states that the continent’s digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion—two of the fastest-growing enablers of digital payments across Africa.

According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20 per cent, while financial inclusion is set to expand at six per cent per year.

The report, commissioned by Mastercard, indicates that these trends signal a strong shift toward digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.

Commenting on the report, President, Eastern Europe, Middle East, and Africa at Mastercard, Dimitrios Dosis, said that as a longstanding technology partner to Africa, Mastercard continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.

“Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead,” Dosis said, adding that Mastercard remains deeply committed to driving digital transformation across the continent by working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments.

“By increasing our investments, expanding innovation, and fostering inclusion, we are helping to build a more connected and accessible digital future,” he said.

He noted that by fostering collaboration with key stakeholders, Mastercard aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.

Also commenting, Division President, Africa, Mastercard, Mark Elliott, said that for over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.

“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent’s continued digital transformation,” he said, adding, “Our investments today will help build a more resilient economy for the future.”

He noted that Mastercard’s investments will focus on three key areas: enabling Africa’s micro, small, and medium businesses (MSMEs); empowering Africa’s fintech sector; and scaling remittances and cross-border payments to further accelerate digital adoption and financial inclusion.

“Recognizing that MSMEs account for over 50 per cent of Africa’s GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion,” he noted.

The report also highlighted that Africa’s fintech ecosystem is a key driver of digital transformation and economic progress, adding that nearly half of all fintech firms on the continent have been founded in the last six years, collectively raising $6 billion in equity financing since 2000.