Digital payments economy in Africa expected to reach $1.5trln by 2030: report
JOHANNESBURG, South Africa – Africa's digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments' economy is expected to reach $1.5 trillion by 2030.
'Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead. Mastercard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future,' said Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard.
Africa's digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent. According to the report, internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% per year.
These trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
For driving Africa's digital growth, Mastercard's investments will focus on three key areas to further accelerate digital adoption and financial inclusion:
1. Enabling Africa's Micro, Small and Medium Businesses (MSMEs)
2. Empowering Africa's fintech sector
3. Scaling remittances and cross-border payments
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