A recent report published by Genesis Analytics on behalf of Mastercard projects that Africa’s digital payments market will reach $1.5 trillion by 2030, driven by increasing internet access and financial inclusion.
To support this growth, Mastercard aims to onboard 15 million users to its Community Pass platform over the next five years, focusing on small businesses and underserved populations.
One of the key initiatives is the MADE Alliance: Africa (Mobilizing Access to the Digital Economy), launched in collaboration with the African Development Bank. It targets 100 million individuals and businesses for digital integration over the next decade.
Internet penetration across the continent is expected to rise by 20% annually, while financial inclusion is projected to grow by 6%. Mastercard is also strengthening ties with regional banks like Access Bank, Equity Bank, and Bank of Africa to streamline cross-border transactions.
The report highlights Morocco, where 75% of consumers already use modern payment methods. Statista estimates the country’s digital payment volume could exceed $8.46 billion by 2028.
Source: mastercard.com