Empowering Africa's digital future: Mastercard bets big on $1.5 trillion growth

Africa stands at the cusp of a digital revolution—one that has the power to redefine its economic trajectory. With digital payments projected to grow to $1.5 trillion by 2030, the opportunity is transformative. 

This bold forecast, detailed in a new report commissioned by Mastercard and developed by Genesis Analytics, highlights the continent’s accelerating adoption of digital financial solutions, driven by rising internet access and efforts to expand financial inclusion.

The report reveals that internet penetration across Africa is expected to grow at a compound annual rate of 20%, while financial inclusion is anticipated to expand by 6% annually. These trends define how individuals and businesses access, use and benefit from financial services. 

“The projected growth of Africa’s digital payments sector has profound implications for South Africa. As internet access expands and financial inclusion deepens, more individuals—especially those previously excluded from the formal economy—will gain access to essential financial tools such as digital wallets, mobile payments and microcredit,” says Gabriel Swanepoel, Country Manager for Mastercard in Southern Africa.

For everyday citizens, this means safer, faster and more convenient ways to transact, save and access services. Small businesses and informal traders stand to benefit from simplified digital solutions that allow them to accept payments, build credit histories and scale more effectively—ultimately creating jobs and driving local economic growth. 

Mastercard’s continued investment in South Africa’s real-time payments infrastructure, cross-border capabilities and digital literacy initiatives are laying the foundation for broader participation in both the national and global economy, fostering a more inclusive, secure and digitally connected future for all.

At the heart of this strategy is Mastercard’s multi-pronged strategy to unlock inclusive growth. Central to this is the empowerment of micro, small and medium-sized enterprises (MSMEs), which, according to the World Economic Forum, represent over 50% of sub-Saharan Africa’s GDP. 

“Through initiatives like the MADE (Mobilizing Access to the Digital Economy) Alliance with the African Development Bank Group, Mastercard is working to digitally enable 100 million people and businesses over the next decade. We are also scaling access to its Community Pass platform—targeting 15 million African users in five years—to bridge digital and service delivery gaps in underserved communities,” Swanepoel continues.

Mastercard is also actively supporting Africa’s burgeoning fintech ecosystem. Nearly half of the continent’s fintechs have been established in the last six years, attracting over $6 billion in equity financing since the year 2000, according to a Boston Consulting Group report. Mastercard’s collaborations with leading players such as M-Pesa, MTN and multiple regional banks are helping scale digital payment solutions across markets. Through initiatives like Fintech Express, the company is also enabling startups to innovate and commercialise faster.

Another critical focus area is improving cross-border payment infrastructure, vital for intra-Africa trade, remittances and economic integration. In 2023 alone, Africa received around $100 billion in remittances – amounting to 6% of GDP, according to the UN. Through Mastercard Move, its portfolio of money movement solutions, Mastercard is enhancing the ease, speed and transparency of cross-border transactions, with strategic partnerships enabling seamless transfers across bank accounts, mobile wallets, cards and even cash access points.

Mastercard’s approach goes beyond digitisation. It is about laying the groundwork for a more resilient and equitable economy—through technology, partnerships and a focus on real-world impact. By aligning cutting-edge technology with local realities, empowering small businesses and expanding access to financial services, Mastercard is helping unlock South Africa’s full economic potential. 

“Africa is filled with immense possibilities, and its people have the capacity to shape the global economy in the decades ahead. With continued investment, cross-sector collaboration and a relentless focus on inclusion, South Africa, and Africa as a whole, can not only thrive in the digital age but lead it,” Swanepoel concludes.