Africa’s digital payments to hit $1.5 trn by 2030 – 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. Africa’s digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital […]

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’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.

“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.

“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.

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.