Africa’s digital economy projected to reach $1.5tr by 2030

Africa’s rapidly expanding digital economy is projected to hit $1.5 trillion by 2030. This projection was revealed at the Mastercard Africa Edge Summit, which convened leaders from across the continent’s payments ecosystem to explore how collaboration and innovation can accelerate digital transformation.

The summit focused on strengthening infrastructure, building trust, and promoting interoperability to support Africa’s digital growth and create new opportunities for consumers and small businesses.

Hosted by Mastercard’s Division President for Africa, Mark Elliott, the event brought together senior representatives from banks, fintech companies, telecommunications firms, regulators, and technology partners.

Elliott said the initiative underscored Mastercard’s long-term commitment to Africa’s economic transformation.

“Africa Edge is about collaboration and supporting partners across the ecosystem to deliver secure, seamless, and accessible digital experiences that help people and businesses grow. “Africa Edge is about collaboration and supporting partners across the ecosystem to deliver secure, seamless, and accessible digital experiences that help people and businesses grow. Mastercard President for Asia Pacific, Middle East and Africa (APEMEA), Ling Hai, said faster payments were essential for helping small businesses manage cash flow and grow.

He stressed that Africa’s digital future depends on simple, safe, and accessible payment solutions that function seamlessly across markets and devices, calling for stronger collaboration between the public and private sectors.

Futurist John Sanei, who delivered the keynote address, discussed how human adaptability and emotional intelligence will shape leadership success in an AI-driven future.

A special session with Smile ID focused on tackling the rising threat of synthetic identities and deepfakes, showcasing how Mastercard and Smile ID are using AI-powered verification tools to enhance digital onboarding and prevent fraud across African markets.

Also speaking, Mastercard’s Country Manager for West Africa, Folasade Femi-Lawal, noted that the region remains a powerhouse for fintech innovation. “West Africa is home to one of the world’s fastest-growing fintech sectors. Nigeria alone accounted for 28 percent of all African fintech companies in 2024, attracting nearly $400 million in investment,” she said.
“By combining global technology with local insight, we are helping banks, fintechs, and innovators build open, trusted, and scalable infrastructure. Our collaborations with governments and financial institutions are making digital payments simpler and safer for millions, proving that inclusion and innovation can advance together,” she added.

During the event, Mastercard showcased two breakthrough innovations shaping the future of digital commerce. The first-ever Agent Pay transaction in the Eastern Europe, Middle East, and Africa (EEMEA) region was executed live, marking a major milestone toward autonomous and secure payment experiences.

The company also unveiled the Merchant Cloud, a unified platform integrating payments, AI, and security to help merchants grow their businesses confidently across both online and offline channels.

Both innovations underscore Mastercard’s commitment to building intelligent, inclusive, and resilient payment ecosystems that will power Africa’s digital transformation in the coming decade.