A recent report by Genesis Analytics, commissioned by Mastercard, projects that Africa’s digital payments economy will reach $1.5 trillion by 2030.
This anticipated growth is attributed to rapid advancements in internet penetration and financial inclusion across the continent.
Internet penetration in Africa is projected to grow at a compound annual rate of 20%, while financial inclusion is expected to expand by 6% per year.
Mastercard has expressed its commitment to supporting this growth through strategic investments, public-private partnerships, and innovation initiatives to enhance digital connectivity and expand economic opportunities.
The digital payments sector in Nigeria is experiencing significant expansion. As of February 2025, the country had over 430 fintech companies, marking a 70% increase from the previous year. Additionally, the Buy Now Pay Later (BNPL) market in Nigeria is expected to grow by 13.8% annually, reaching $1.62 billion in 2025.
