Africa’s digital payment ecosystem is on track to reach $1.5 trillion in annual transaction value by 2030.
This would be driven by accelerating fintech innovation, deeper internet penetration, and rising financial inclusion, according to a new report commissioned by Mastercard and conducted by Genesis Analytics.
The report showed a transformative shift underway across the continent as both consumers and businesses increasingly adopt digital payment platforms over traditional cash-based systems.
Internet connectivity, projected to grow at a 20% annual rate, is a key enabler of this transition, bringing millions of previously unbanked Africans into the digital economy.
“Across Africa, we are seeing a rapid evolution in how people transact,” said Dimitrios Dosis, President for Eastern Europe, Middle East, and Africa at Mastercard. “By investing in infrastructure, expanding digital inclusion, and fostering innovation, we are helping to unlock new opportunities that can elevate millions.”
In parallel, financial inclusion on the continent is rising steadily at an annual rate of 6%, fueled by mobile money platforms, app-based banking solutions, and fintech services that cater to underserved demographics.
From peer-to-peer transfers to merchant payments, the adoption of contactless and digital channels is reshaping Africa’s economic framework.
The report highlights the growing role of smartphones in facilitating financial access, particularly in rural areas. Mobile devices are emerging as key tools for bridging the economic divide, enabling users to access banking, payments, and e-commerce platforms with minimal infrastructure.
Nigeria, the continent’s largest economy, is at the forefront of this digital shift. Data from the 2024 Worldpay Global Payments Report projects that cash transactions in the country will decline by 32% by the end of the decade.
The broader shift reflects a continental trend, where digital financial services are becoming central to economic participation.
“By building a digitally inclusive ecosystem, we are not only empowering individuals but also strengthening Africa’s economic resilience,” said Mark Elliott, Division President for Africa at Mastercard. “Our continued investments in fintech and partnerships across the value chain are focused on creating scalable, sustainable solutions.”
Mastercard has reiterated its commitment to driving Africa’s digital transformation through strategic investments, capacity building, and policy advocacy.
The company believes that enabling interoperability, data security, and regulatory alignment will be critical to sustaining momentum.
With a youthful population, rapid urbanisation, and growing entrepreneurial activity, Africa’s digital economy presents significant upside potential.
As digital payments become more embedded in everyday life, analysts expect the sector to emerge as a major contributor to GDP growth and job creation across the continent.
The $1.5 trillion projection reflects not just a market opportunity, but a structural shift in how African economies are evolving—leaning toward agility, accessibility, and long-term digital integration.
