Nigeria’s Digital Payments and Financial Inclusion Set to Reach $1.5 Trillion by 2030 – Mastercard Report
The digital payments sector in Nigeria and across Africa is projected to reach $1.5 trillion by the end of the decade, driven by growth in internet access and financial inclusion. A report commissioned by Mastercard and conducted by Genesis Analytics reveals that the continent’s digital transformation is being fueled by rapid improvements in internet penetration and expanding financial access. As internet connectivity in Africa is expected to grow at a compound annual rate of 20%, and financial inclusion at 6%, the shift towards digital transactions is becoming more pronounced.
According to the report, businesses and consumers in Africa are increasingly adopting contactless payment solutions, accelerating financial participation and inclusivity. This trend signals a broader shift to digital transactions, with both sectors embracing these technologies for smoother and more accessible payment methods. The rise of mobile and online payments is expected to further support this transformation, fostering a more inclusive financial ecosystem.
Mastercard has expressed its commitment to driving Africa’s digital economy by investing in various initiatives aimed at enhancing financial inclusion and boosting economic growth. The company outlined plans to continue strengthening its presence in the region through strategic investments, partnerships, and innovations that will empower small businesses, enhance fintech growth, and scale cross-border remittances.
With a focus on supporting Africa’s micro, small, and medium-sized enterprises, Mastercard is also committed to partnering with banks, telecom companies, and other service providers to expand digital financial services. The company believes these efforts will position Africa to capitalize on its rapid economic growth, with projections indicating that nine of the world’s fastest-growing economies will be in Africa in the coming decades.
source: punch