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Nigeria and other African countries are on track to witness digital payments soar to $1.5 trillion by 2030, propelled by increasing internet penetration and a rising financial inclusion rate, a new report has revealed.
The Mastercard-commissioned study by Genesis Analytics highlights Africa’s digital evolution, driven by the rapid expansion of internet connectivity and financial services accessibility—key catalysts for digital payment adoption across the region.
According to the report, Africa’s internet penetration is expected to grow at a compound annual rate of 20%, while financial inclusion will expand by 6% per year. This trend reflects a significant shift towards cashless transactions, as businesses and consumers increasingly embrace digital and contactless payment solutions, fostering greater economic participation and financial accessibility.
To support this anticipated growth, Mastercard has reaffirmed its commitment to strengthening Africa’s digital payment ecosystem through strategic investments, public-private partnerships, and innovation-led initiatives aimed at driving financial inclusion and economic prosperity.
Mastercard’s investment strategy focuses on three core areas to accelerate digital transformation: enhancing financial access for micro, small, and medium enterprises (MSMEs); empowering Africa’s fintech sector; and advancing remittance and cross-border payment solutions.
“Africa is brimming with potential, and its people have the capability to shape the future global economy. At Mastercard, we remain steadfast in our mission to drive digital transformation across the continent, collaborating with entrepreneurs, merchants, financial institutions, startups, telecom providers, and governments. Through increased investment, innovation, and financial inclusion, we aim to build a more connected and accessible digital future,” stated Dimitrios Dosis, President of Eastern Europe, the Middle East, and Africa at Mastercard.
Mark Elliot, Mastercard’s Division President for Africa, further emphasized the company’s long-standing role in Africa’s financial landscape. “For over five decades, Mastercard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic growth. With Africa expected to host nine of the world’s 20 fastest-growing economies, we are leveraging our expertise and technology to accelerate the continent’s digital evolution. Our investments today will contribute to a more resilient economy in the future.”
Additionally, Mastercard is strengthening collaborations with banks, telecom providers, and fintech firms across Africa and beyond, facilitating the expansion of financial technology innovations into new markets and enhancing digital payment solutions across the continent.
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