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Africa’s digital payments ecosystem is on course to reach a staggering $1.5 trillion by 2030, propelled by rapid internet adoption, expanding financial inclusion, and growing demand for contactless solutions, according to a new industry report.
The report, released by Genesis Analytics and commissioned by global payments giant Mastercard, underscores the continent’s accelerating shift toward digital finance. Two key drivers—internet penetration and financial inclusion—are cited as foundational pillars for Africa’s digital economy, setting the stage for unprecedented innovation in RegTech solutions, digital banking, and compliance infrastructure.
The report projects that internet penetration across Africa will grow at a compound annual growth rate (CAGR) of 20%, while financial inclusion will expand at 6% annually, signaling a strong trajectory toward digitally enabled economies.
“Africa is brimming with untapped potential. Its people and markets are poised to shape the global digital economy over the next decade,” said Dimitrios Dosis, President, Eastern Europe, Middle East and Africa at Mastercard, in a statement issued March 25.
Driving Innovation Through Partnerships and Infrastructure
To support this growth, Mastercard reaffirmed its commitment to investing in Africa’s digital future through public-private partnerships, technology deployment, and financial health initiatives.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise in secure digital infrastructure and compliance management to fuel the continent’s ongoing digital transformation,” added Mark Elliott, Division President for Africa at Mastercard.
These efforts include reinforcing the regulatory framework needed for compliance automation, anti-money laundering (AML), and Know Your Customer (KYC) processes—all of which are critical for safeguarding Africa’s digital financial ecosystem.
Seamless Cross-Border Payments and Fintech Enablement
The report also highlighted the necessity of seamless cross-border transactions to unlock regional trade and drive economic mobility. In 2023 alone, Africa processed approximately $100 billion in remittances, representing around 6% of the continent’s GDP. Facilitating the flow of these funds through secure and cost-effective digital channels is essential for strengthening financial compliance, boosting local economies, and enabling deeper fintech innovation.
Mastercard emphasized that companies offering efficient, affordable, and compliant remittance solutions are best positioned to meet the needs of the continent’s growing digital-first population—ultimately accelerating the adoption of Regulatory Technology (RegTech) across sectors.
In East Africa, Mastercard’s strategic collaborations with Access Bank and Equity Bank are already enhancing cross-border payment infrastructure, reducing friction, and promoting financial inclusion through regulated digital platforms.
A Regulatory Roadmap for Sustainable Growth
The report offers several policy recommendations, urging African governments and financial regulators to prioritize interoperability, regulatory harmonization, and digital identity frameworks. Such initiatives will be pivotal in facilitating regulatory change management, improving compliance assessment, and driving scalable fintech adoption.
As Africa moves toward a $1.5 trillion digital payments milestone, the continent’s regulatory landscape must evolve in parallel—ensuring that growth is supported by strong governance, compliance tracking, and RegTech innovations that can deliver financial equity and resilience at scale.
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