{"id":9266,"date":"2025-03-25T16:54:13","date_gmt":"2025-03-25T15:54:13","guid":{"rendered":"https:\/\/shams-alyaoum.com\/en\/?p=9266"},"modified":"2025-03-25T16:54:13","modified_gmt":"2025-03-25T15:54:13","slug":"digital-payments-economy-in-africa-expected-to-reach-1-5-trillion-by-2030-according-to-new-report","status":"publish","type":"post","link":"https:\/\/shams-alyaoum.com\/en\/digital-payments-economy-in-africa-expected-to-reach-1-5-trillion-by-2030-according-to-new-report\/","title":{"rendered":"Digital payments economy in Africa expected to reach $1.5 trillion by 2030 according to new report"},"content":{"rendered":"<h3>Mastercard commits to powering the continent\u2019s growth, delivering meaningful scale and tangible impact<\/h3>\n<div class=\"content  content-justify \">\n<ul>\n<li><em>Commitment underpinned by strategic investments, public-private partnerships, and market innovation initiatives<\/em><\/li>\n<li><em>Focus on enabling MSMEs, scaling cross-border payments, and empowering fintech companies<\/em><\/li>\n<\/ul>\n<p>Africa\u2019s 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.<\/p>\n<p>As a longstanding technology partner to Africa, Mastercard continues to strengthen its commitment to the continent\u2019s 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.<\/p>\n<p><strong>Driving Africa\u2019s digital growth<\/strong><\/p>\n<p>Mastercard\u2019s investments will focus on three key areas to further accelerate digital adoption and financial inclusion:<\/p>\n<ol>\n<li>Enabling Africa\u2019s Micro, Small and Medium Businesses (MSMEs)<\/li>\n<li>Empowering Africa\u2019s fintech sector<\/li>\n<li>Scaling remittances and cross-border payments<\/li>\n<\/ol>\n<p>\u201cAfrica 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,\u201d said\u00a0<strong>Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at Mastercard.<\/strong><\/p>\n<p>Africa\u2019s 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\u200b.<\/p>\n<p>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.<\/p>\n<p>\u201cFor 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\u2019s 20 fastest-growing economies, we are focused on leveraging our expertise and technologies to support the continent\u2019s continued digital transformation. Our investments today will help build a more resilient economy for the future,\u201d said\u00a0<strong>Mark Elliott, division president, Africa, Mastercard.<\/strong><\/p>\n<ol>\n<li><strong>Enabling Africa\u2019s Micro, Small and Medium Businesses (MSMEs)<\/strong><\/li>\n<\/ol>\n<p>Recognizing that MSMEs account for over 50% of Africa\u2019s GDP, Mastercard continues to provide digital solutions that empower small businesses and drive economic expansion.<\/p>\n<p>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.<\/p>\n<p>To further fuel the potential of Africa\u2019s 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\u2019s Odyssey and Mastercard Trust Center.<\/p>\n<ol start=\"2\">\n<li><strong>Empowering Africa\u2019s fintech sector<\/strong><\/li>\n<\/ol>\n<p>Africa\u2019s 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.<\/p>\n<p>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&#8217;s partnership with\u00a0M-Pesa\u00a0in Kenya and\u00a0MTN Group Fintech\u00a0has enabled millions of unbanked individuals to access digital financial services through mobile money platforms.<\/p>\n<p>Similarly, Mastercard&#8217;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\u2019s global Fintech Express program provides fintech companies with an end-to-end experience for card issuance. By combining its identity, biometric,\u00a0AI and open banking capabilities, Mastercard helps protect consumers across the spectrum of internet and payments scams.<\/p>\n<ol start=\"3\">\n<li><strong>Scaling remittances and cross-border payments<\/strong><\/li>\n<\/ol>\n<p>Seamless cross-border transactions are essential for Africa\u2019s economic mobility. According to the\u00a0World Bank, Africa received approximately $100 billion in remittances in 2023, accounting for about 6% of the continent\u2019s GDP.<\/p>\n<p>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.<\/p>\n<p>Local partnerships such as the recent agreements with Africa\u2019s 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.<\/p>\n<p>Mastercard remains committed to driving Africa\u2019s 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.<\/p>\n<\/div>\n<div class=\"btn-bubble-icon\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mastercard commits to powering the continent\u2019s 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 Africa\u2019s digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics &hellip;<\/p>\n","protected":false},"author":2,"featured_media":9267,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[9,1338,1310,15],"class_list":["post-9266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-business","tag-consumer","tag-general","tag-tech"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - 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