Mastercard is expanding its footprint across Africa as the continent’s digital payments sector is projected to reach $1.5 trillion by 2030, according to a new report commissioned by the company.
The report by Genesis Analytics highlights Africa’s strong digital outlook, driven by rising internet penetration, increased financial inclusion, and surging demand for secure digital transactions.
Mastercard says it is deepening its commitment to the continent by investing in fintech infrastructure, support for small businesses, and cross-border payment solutions.
“Africa stands at the threshold of a digital economic revolution,” the company said in a statement. “We are investing in the building blocks needed to power this transformation.”
A major focus is on enabling micro, small and medium enterprises (MSMEs), which make up 96 percent of businesses and nearly half of Nigeria’s GDP.
Mastercard’s tools like Tap on Phone and SME-in-a-Box are designed to make payment acceptance and access to capital easier for small business owners. The company also offers free resources like The Entrepreneur’s Odyssey to help businesses scale sustainably.
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The commitment extends to broader financial inclusion efforts. Mastercard’s Community Pass platform, which supports digital access in underserved communities, is part of a wider initiative—MADE Alliance: Africa—launched with the African Development Bank to connect 100 million people to the digital economy.
Africa’s fintech sector has raised over $6 billion in equity since 2000, with nearly half of all fintechs founded in the last six years. Mastercard is supporting this growth through its Start Path and Product Express programs, offering startups technical support and faster market entry.
The company is also targeting Africa’s nearly $100 billion remittance market through its Cross-Border Services platform, which enables funds transfer via mobile wallets, bank accounts, and cash pickups.
“Our strategy is to empower the enablers of growth: MSMEs, fintechs, and consumers, by creating a secure and inclusive digital payments environment,” said Mark Elliott, division president, Mastercard Sub-Saharan Africa.
With partnerships across banks, governments, and fintechs, Mastercard says it aims to help Africa leapfrog legacy systems and unlock long-term economic prosperity.
