Africa’s digital payments sector is on track for rapid growth, with a Mastercard-commissioned report by Genesis Analytics projecting the market to reach $1.5 trillion by 2030.

“Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead,” said Dimitrios Dosis, president for Eastern Europe, the Middle East, and Africa at Mastercard.

Africa’s digital transformation is being fueled by rapid growth in internet penetration and financial inclusion—two key drivers of digital payments. According to the report, internet access across the continent is projected to grow at a compound annual rate of 20%, while financial inclusion is expected to rise by 6% annually.

This momentum is accelerating the adoption of digital transactions as both consumers and businesses increasingly turn to contactless payment solutions, improving financial accessibility and enabling broader economic participation.

The report highlights Africa’s fintech sector as a key driver of digital and economic progress, noting that nearly half of all fintech firms on the continent have emerged in the past six years, securing $6 billion in equity financing since 2000.

Micro, small, and medium-sized enterprises (MSMEs), which contribute over 50% of Africa’s GDP, remain central to this shift. Mastercard has partnered with the African Development Bank Group on an initiative to extend digital access to essential services for 100 million individuals and businesses over the next decade.

Cross-border transactions are also vital to Africa’s economic mobility. In 2023, the continent received around $100 billion in remittances, representing roughly 6% of its GDP.

“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,” said Mark Elliott, division president for Africa at Mastercard. “Our investments today will help build a more resilient economy for the future.”