Africa’s Digital Payments Economy Set to Reach $1.5tn by 2030
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Africa’s digital payments economy is projected to hit $1.5 trillion by 2030, fuelled by rapid internet penetration and rising financial inclusion, according to a new report commissioned by Mastercard.
The study, conducted by Genesis Analytics, highlights the continent’s accelerating shift towards digital transactions, as consumers and businesses increasingly adopt contactless and mobile payment solutions.
The report estimates that internet penetration across Africa will grow at a compound annual rate of 20%, while financial inclusion is set to expand by 6% annually, creating the foundation for a booming digital payments ecosystem.
Digital shift to boost economic participation
The findings suggest that Africa is on the cusp of a major digital transformation, with digital transactions expected to drive greater financial accessibility and economic participation across the region.
Mastercard, which has long been involved in Africa’s financial sector, says it is strengthening its commitment to digital growth through strategic investments, public-private partnerships, and innovation.
The payments giant has outlined three key focus areas to accelerate adoption:
Supporting micro, small, and medium-sized businesses
Empowering the continent’s fintech sector
Scaling remittances and cross-border payments
“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, the Middle East and Africa at Mastercard.
“By increasing our investments, expanding innovation, and fostering inclusion, we are helping to build a more connected and accessible digital future,” he added.
Africa’s economic growth potential
With nine of the world’s 20 fastest-growing economies projected to be in Africa, Mastercard sees the region as a key driver of future global economic growth.
“For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development,” said Mark Elliot, division president, Africa, Mastercard.
“Our investments today will help build a more resilient economy for the future,” he added.
Mastercard is also partnering with banks, telecoms providers, and fintech firms to scale digital payments across Africa and expand into new markets.
With digital finance set to reshape commerce across the continent, the next decade could see Africa emerge as a global leader in digital transactions.
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