Latest news with #DimitriosDosis
Zawya
27-03-2025
- Business
- Zawya
Africa's digital future: Mastercard's $1.5tln vision for growth
Africa's digital payments economy is on a rapid growth trajectory, with a Mastercard-commissioned report by Genesis Analytics projecting the sector to reach $1.5tn by 2030. As digital transformation accelerates across the continent, strategic investments, public-private partnerships, and financial innovation are shaping the future of commerce, inclusion, and economic development. 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. Driving Africa's digital growth Mastercard's investments will focus on three key areas to further accelerate digital adoption and financial inclusion: - Enabling Africa's Micro, Small and Medium Businesses (MSMEs) - Empowering Africa'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. 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 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. Our investments today will help build a more resilient economy for the future,' said Mark Elliott, division president, Africa, Mastercard. 1. Enabling Africa's Micro, Small and Medium Businesses Recognising that MSMEs account for over 50% of Africa's GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion. This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group. The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years. Community Pass is a social enterprise initiative that digitises and connects remote, and rural communities to governments, NGOs, and private-sector services. To further fuel the potential of Africa's MSMEs, Mastercard will accelerate easy access to its proprietary solutions such as Tap on Phone and SME-in-a-Box. The technology company will also continue to enable access to finance through its Track Micro Credit Program, which has already benefited thousands of micro merchants. Furthermore, African entrepreneurs will continue to gain knowledge on how to thrive as business owners through free learning resources such as The Entrepreneur's Odyssey and Mastercard Trust Center. 2. Empowering Africa's fintech sector Africa's fintech ecosystem is a key driver of digital transformation and economic progress. Nearly half of all fintech firms on the continent have been founded in the last six years, collectively raising $6bn in equity financing since 2000. Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets. For example, Mastercard's partnership with M-Pesa in Kenya and MTN Group Fintech has enabled millions of unbanked individuals to access digital financial services through mobile money platforms. Similarly, Mastercard's collaboration with digital wallet providers and e-commerce platforms has facilitated the integration of payment solutions into digital ecosystems, enabling seamless transactions for consumers and merchants alike. For example, Mastercard's global Fintech Express program provides fintech companies with an end-to-end experience for card issuance. By combining its identity, biometric, AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams. 3. Scaling remittances and cross-border payments Seamless cross-border transactions are essential for Africa's economic mobility. According to the World Bank, Africa received approximately $100bn in remittances in 2023, accounting for about 6% of the continent's GDP. Mastercard is playing a key role in enabling the infusion of funds into local economies. Through a single, secure point of access, Mastercard Cross-Border Services allow people and businesses to remit money securely, and with certainty. Local partnerships such as the recent agreements with Africa's Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible. Furthermore, they are enabling customers in multiple markets to make cross-border payments globally via bank accounts, mobile wallets, cards, and cash. Said Elliott, "Mastercard remains committed to driving Africa's digital growth through investment, innovation, and partnerships. By enhancing financial inclusion, expanding digital transactions, and strengthening cross-border connectivity, the company is helping to build a more inclusive and resilient digital economy for the African future." All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Web Release
26-03-2025
- Business
- Web Release
Digital payments economy in Africa expected to reach $1.5 trillion by 2030 according to new report
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. 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. 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. Driving Africa's digital growth Mastercard's investments will focus on three key areas to further accelerate digital adoption and financial inclusion: Enabling Africa's Micro, Small and Medium Businesses (MSMEs) Empowering Africa'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. 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 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. Our investments today will help build a more resilient economy for the future,' said Mark Elliott, division president, Africa, Mastercard. Enabling Africa's Micro, Small and Medium Businesses (MSMEs) Recognizing that MSMEs account for over 50% of Africa's GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion. This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group. The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years. Community Pass is a social enterprise initiative that digitizes and connects remote, and rural communities to governments, NGOs, and private sector services. To further fuel the potential of Africa's MSMEs, Mastercard will accelerate easy access to its proprietary solutions such as Tap on Phone and SME-in-a-Box . The technology company will also continue to enable access to finance through its Track Micro Credit Program , which has already benefited thousands of micro merchants. Furthermore, African entrepreneurs will continue to gain knowledge on how to thrive as business owners through free learning resources such as The Entrepreneur's Odyssey and Mastercard Trust Center . Empowering Africa's fintech sector Africa's fintech ecosystem is a key driver of digital transformation and economic progress. 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. Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets. For example, Mastercard's partnership with M-Pesa in Kenya and MTN Group Fintech has enabled millions of unbanked individuals to access digital financial services through mobile money platforms. Similarly, Mastercard's collaboration with digital wallet providers and e-commerce platforms has facilitated the integration of payment solutions into digital ecosystems, enabling seamless transactions for consumers and merchants alike. For example, Mastercard's global Fintech Express program provides fintech companies with an end-to-end experience for card issuance. By combining its identity, biometric, AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams. Scaling remittances and cross-border payments Seamless cross-border transactions are essential for Africa's economic mobility. According to the World Bank, Africa received approximately $100 billion in remittances in 2023, accounting for about 6% of the continent's GDP. Mastercard is playing a key role in enabling the infusion of funds into local economies. Through a single, secure point of access, Mastercard Cross – Border Services allow people and businesses to remit money securely, and with certainty. Local partnerships such as the recent agreements with Africa's Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible. Furthermore, they are enabling customers in multiple markets to make cross-border payments globally via bank accounts, mobile wallets, cards, and cash. Mastercard remains committed to driving Africa's digital growth through investment, innovation, and partnerships. By enhancing financial inclusion, expanding digital transactions, and strengthening cross-border connectivity, the company is helping to build a more inclusive and resilient digital economy for the African future. Source: AETOSWire
Zawya
26-03-2025
- Business
- Zawya
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 TF
Morocco World
25-03-2025
- Business
- Morocco World
Mastercard: Africa's Digital Payments to Hit $1.5 Trillion by 2030
Doha – Africa's digital payments economy is projected to reach $1.5 trillion by 2030, according to a new Mastercard-commissioned report released today by Genesis Analytics. The financial services giant has announced major initiatives to accelerate digital adoption across the continent, focusing on three key areas: enabling micro, small and medium businesses – which account for over 50% of Africa's GDP –, empowering the fintech sector, and scaling cross-border payments. The report identifies key growth drivers, notably a projected 20% compound annual increase in internet penetration and a 6% annual rise in financial inclusion. Together, these trends indicate a major shift toward digital transaction adoption across the continent. '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, Middle East and Africa at Mastercard. He stressed the company's commitment to driving digital transformation through collaboration with entrepreneurs, merchants, banks, start-ups, telcos, and governments. The initiative includes the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, partnering with the African Development Bank Group, which aims to extend digital access to 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years. Read also: Mobile Payments Saw 25% Surge in Morocco in 2022 Mark Elliott, division president for Africa at Mastercard, noted the continent's economic potential, stating: '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.' In the fintech sector, which has raised $6 billion in equity financing since 2000, Mastercard is expanding partnerships with key players. Cross-border payments represent a significant focus area, with Africa receiving approximately $100 billion in remittances in 2023, accounting for about 6% of the continent's GDP, according to World Bank data. Mastercard says it is facilitating these transactions through partnerships with major African banks, including Access Bank and Equity Bank. In Morocco specifically, digital payment adoption has been accelerating rapidly. According to Mastercard's New Payments Index 2022, 75% of consumers in Morocco had used at least one emerging payment method in the year before. Additionally, 24% used a digital money transfer app, 20% used a tappable smartphone mobile wallet and 10% used a Buy Now Pay Later installment plan. More recent data from Statista indicates continued growth in Morocco's digital payments market, which is expected to reach $6.53 billion this year and grow to $8.468 billion by 2028. To capitalize on this growth, Mastercard has established a strategic partnership with Bank of Africa, one of the country's largest banks, to accelerate payment digitalization and enhance the bank's digital financial services portfolio. The transformation in Morocco aligns with broader consumer trends, as the 2022 index showed that 53% of Moroccan consumers increased their use of at least one digital payment method, while 11% reported using less cash. Security remains a primary concern for 46% of users when choosing payment methods. Tags: AfricaDigital Paymentsmastercard
Mid East Info
25-03-2025
- Business
- Mid East Info
Digital payments economy in Africa expected to reach $1.5 trillion by 2030 according to new report - Middle East Business News and Information
Mastercard commits to powering the continent's growth, delivering meaningful scale and tangible impact Commitment underpinned by strategic investments, public-private partnerships, and market innovation initiatives Focus on enabling MSMEs, scaling cross-border payments, and empowering fintech companies 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. 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. 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. Driving Africa's digital growth Mastercard's investments will focus on three key areas to further accelerate digital adoption and financial inclusion: Enabling Africa's Micro, Small and Medium Businesses (MSMEs) Empowering Africa'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. 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 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. Our investments today will help build a more resilient economy for the future,' said Mark Elliott, division president, Africa, Mastercard. Enabling Africa's Micro, Small and Medium Businesses (MSMEs) Recognizing that MSMEs account for over 50% of Africa's GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion. This commitment is reinforced by the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, in partnership with the African Development Bank Group. The initiative aims to extend digital access to critical services for 100 million individuals and businesses over the next decade. As part of its broader goal to bring users onto Community Pass, Mastercard has set a target to register 15 million users in Africa within five years. Community Pass is a social enterprise initiative that digitizes and connects remote, and rural communities to governments, NGOs, and private sector services. To further fuel the potential of Africa's MSMEs, Mastercard will accelerate easy access to its proprietary solutions such as Tap on Phone and SME-in-a-Box . The technology company will also continue to enable access to finance through its Track Micro Credit Program , which has already benefited thousands of micro merchants. Furthermore, African entrepreneurs will continue to gain knowledge on how to thrive as business owners through free learning resources such as The Entrepreneur's Odyssey and Mastercard Trust Center . Empowering Africa's fintech sector Africa's fintech ecosystem is a key driver of digital transformation and economic progress. 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. Mastercard is partnering with banks, telcos, and other service providers across Africa and internationally to help accelerate fintech growth and expansion in new markets. For example, Mastercard's partnership with M-Pesa in Kenya and MTN Group Fintech has enabled millions of unbanked individuals to access digital financial services through mobile money platforms. Similarly, Mastercard's collaboration with digital wallet providers and e-commerce platforms has facilitated the integration of payment solutions into digital ecosystems, enabling seamless transactions for consumers and merchants alike. For example, Mastercard's global Fintech Express program provides fintech companies with an end-to-end experience for card issuance. By combining its identity, biometric, AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams. Scaling remittances and cross-border payments Seamless cross-border transactions are essential for Africa's economic mobility. According to the World Bank, Africa received approximately $100 billion in remittances in 2023, accounting for about 6% of the continent's GDP. Mastercard is playing a key role in enabling the infusion of funds into local economies. Through a single, secure point of access, Mastercard Cross – Border Services allow people and businesses to remit money securely, and with certainty. Local partnerships such as the recent agreements with Africa's Access Bank and Equity Bank, are enabling Mastercard to make cross-border payments more simple, convenient, and accessible. Furthermore, they are enabling customers in multiple markets to make cross-border payments globally via bank accounts, mobile wallets, cards, and cash. Mastercard remains committed to driving Africa's digital growth through investment, innovation, and partnerships. By enhancing financial inclusion, expanding digital transactions, and strengthening cross-border connectivity, the company is helping to build a more inclusive and resilient digital economy for the African future.
