Through digital payments, Mastercard aims to connect 100 million in Africa in the next decade

Mastercard releases its Africa Digital Payments March 2025 report, which reveals the continent will hit $1.5 trillion by 2030.

Johannesburg, South Africa: A new Mastercard-commissioned report underscores Africa’s accelerating shift towards a digitally connected economy. The continent was found to be on an upward trajectory, set to reach a staggering $1.5 trillion by 2030. One of the report’s main points was to help millions of unbanked people in Africa access digital financial services.

In the document, Dimitrios Dosis, Mastercard President of Eastern Europe, Middle East and Africa said: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead…By increasing our investments, expanding innovation and fostering inclusion, we are helping build a more connected and accessible digital future.”

Fuelling Africa’s digital acceleration

The burning question is how this will impact multiple industries like online gambling in Africa. The sector is poised to experience a surge in user participation, particularly from previously unbanked populations. This kind of advancement in payment technology will see more time efficiency in the form of faster deposits, instant withdrawals and enhanced fraud prevention measures. Contactless payments, mobile money and digital wallets signal a profound transformation in how commerce is conducted across the region.

Mastercard’s approach is founded on three pillars:

1. Powering micro, small and medium enterprises (MSMEs)

Through collaboration with the African Development Bank and other businesses, this financial bigwig aims to digitally connect 100 million people and businesses over the next decade. It aligns with Mastercard’s Community Pass strategy to register 15 million new users in Africa in five years. It is also expanding other services like Tap on Phone, SME-in-a-Box and the Track Micro Credit Program.

2. Supercharging Africa’s fintech revolution

Collaborations with M-Pesa in Kenya and MTN Group Fintech have already helped millions of unbanked individuals access digital services. Now, Mastercard is working with digital wallet providers and e-commerce platforms to streamline payments. It would be making use of AI, biometric authentication and open banking.

3. Scaling cross-border payments

For cost-effective cross-border transactions, individuals and businesses can send and receive money using bank accounts, mobile wallets, cards and cash pickups. Recent partnerships with financial institutions like Access Bank and Equity Bank have helped in this regard.

With digital transactions at the heart of economic expansion, it’s about bridging the digital divide.