Mastercard is accelerating its expansion across Africa, aligning its strategy with the continent’s fast-growing digital payments market—projected to surpass $1.5 trillion by 2030, according to a new Genesis Analytics report commissioned by the company.
The report highlights Africa’s favorable digital outlook, fueled by rising internet penetration, increasing financial inclusion, and growing consumer demand for secure, cashless transactions.
In response, Mastercard is ramping up investments in fintech infrastructure, support for small businesses, and cross-border payment technologies, positioning itself as a catalyst in Africa’s digital financial revolution.
“Africa stands at the threshold of a digital economic revolution. We are investing in the building blocks needed to power this transformation,” the company stated.
Empowering MSMEs as the Cornerstone of Growth
A core pillar of Mastercard’s strategy is focused on empowering micro, small, and medium enterprises (MSMEs)—which account for 96% of businesses and contribute nearly half of Nigeria’s GDP.
Through tools like Tap on Phone and SME-in-a-Box, Mastercard is simplifying payment acceptance and expanding access to capital for small businesses. The company also provides free digital resources like The Entrepreneur’s Odyssey, offering guidance on scaling sustainable enterprises.
Advancing Inclusion through Innovation
Beyond MSMEs, Mastercard’s efforts extend to broader financial inclusion goals. Its Community Pass platform is driving digital access in underserved regions, and through the MADE Alliance: Africa—in partnership with the African Development Bank—the goal is to connect 100 million people to the digital economy.
Mastercard is also nurturing fintech innovation across the continent through programs like Start Path and Product Express, which offer startups technical support and accelerated go-to-market pathways. This support is crucial as Africa’s fintech landscape has attracted over $6 billion in equity funding since 2000, with nearly half of the startups launched within the last six years.
Tapping into Africa’s $100 Billion Remittance Corridor
The company is also positioning itself within Africa’s $100 billion remittance sector via its Cross-Border Services platform, which enables seamless fund transfers through mobile wallets, bank accounts, and cash pickups—enhancing financial connectivity across borders.
“Our strategy is to empower the enablers of growth—MSMEs, fintechs, and consumers—by creating a secure and inclusive digital payments environment,” said Mark Elliott, Division President, Mastercard Sub-Saharan Africa.
Partnerships for a Cashless Future
With a growing network of collaborations across banks, governments, and technology firms, Mastercard says it aims to help Africa leapfrog outdated systems, foster digital resilience, and unlock long-term economic prosperity for the continent.
