Africa’s digital economy is on track to reach $1.5 trillion by 2030, driven by rapid fintech growth, increasing internet penetration, and innovative payment solutions, a projection highlighted at the Mastercard Africa Edge Summit.
The summit brought together leaders from banks, fintech companies, telecommunications firms, regulators, and technology partners to explore how collaboration and innovation can accelerate the continent’s digital transformation.
Hosted by Mastercard’s Division President for Africa, Mark Elliott, the event emphasized strengthening digital infrastructure, building trust, and promoting interoperability to support growth and create opportunities for consumers and small businesses.
“Africa Edge is about collaboration and supporting partners across the ecosystem to deliver secure, seamless, and accessible digital experiences. Africa’s digital economy is scaling fast, and Mastercard is proud to be a trusted technology partner helping power that growth,” Elliott said.
Discussions focused on expanding low-cost payment acceptance, enhancing interoperability, and strengthening security. With internet penetration projected to grow 20 percent annually, seamless and secure payment systems were highlighted as critical for sustaining growth, trade, and entrepreneurship.
Keynote speaker Futurist John Sanei highlighted the role of adaptability and emotional intelligence in leadership success within an AI-driven future. A session with Smile ID showcased AI-powered tools combating synthetic identities and deepfakes, enhancing digital onboarding and fraud prevention.
Meanwhile, Mastercard’s Country Manager for West Africa, Folasade Femi-Lawal, underscored the region’s fintech strength:
“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. By combining global technology with local insight, we are helping banks, fintechs, and innovators build open, trusted, and scalable infrastructure”.
Speakers also stressed the importance of payment immediacy and liquidity, noting that same-day settlements enable small businesses to absorb financial shocks, reduce borrowing, and reinvest quickly. South Africa’s real-time clearing system was cited as a model for expanding instant-payment capabilities across Africa.
The summit also featured two major innovations: the first-ever Agent Pay transaction in the EEMEA region, and the Merchant Cloud, a unified platform integrating payments, AI, and security to help merchants grow confidently across online and offline channels.
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