by Mastercard is spearheading Africa’s digital payment transformation, with the continent’s digital payments economy projected to hit $1.5 trillion by 2030. This growth is fuelled by strategic investments, public-private partnerships, and innovation initiatives to boost financial inclusion and economic development.
The company’s efforts focus on enabling Micro, Small, and Medium Enterprises (MSMEs), which account for over 50% of Africa’s GDP. Mastercard provides digital solutions to drive MSMEs’ expansion and ensure their competitiveness in the evolving digital economy.
Scaling Cross-Border Payments and Fintech Innovation
Mastercard is also empowering the fintech sector and scaling cross-border payments. Africa’s fintech industry has raised $6 billion in equity financing since 2000 and is a key driver of the continent’s digital transformation.
Mastercard’s Mobilizing Access to the Digital Economy (MADE) Alliance, in collaboration with the African Development Bank Group, aims to extend digital access to 100 million individuals and businesses over the next decade. This initiative is central to the company’s mission of fostering financial inclusion.
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Community Pass: Bridging the Digital Divide
The company targets 15 million users on its Community Pass platform, which connects remote communities to essential services. This initiative is critical in ensuring that underserved populations benefit from the digital economy.
Rapid advancements in internet penetration and financial inclusion support Africa’s digital transformation. Internet penetration is projected to grow at a compound annual rate of 20%, while financial inclusion is set to expand at 6% annually. These trends are driving a shift toward digital transactions.
Contactless Solutions Gain Momentum
Businesses and consumers are increasingly adopting contactless solutions, with Mastercard’s proprietary tools like Tap on Phone and SME-in-a-Box accelerating access to digital tools for African entrepreneurs.
Dimitrios Dosis, President of Eastern Europe, Middle East, and Africa at Mastercard, emphasized the continent’s potential, stating that Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
Africa’s Economic Growth Prospects
Mark Elliott, Division President for Africa at Mastercard, highlighted the continent’s rapid economic growth, noting that Africa is projected to host nine of the world’s 20 fastest-growing economies. Mastercard’s initiatives are designed to support this growth and build a resilient digital economy.
Through its investments and partnerships, Mastercard is transforming Africa’s digital payment landscape, driving economic participation, and fostering financial accessibility across the region. The company remains committed to shaping Africa’s digital future.
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