Payment News

Mastercard Looks to Accelerate African Digital Payments

Mastercard has held an ‘African Edge Summit’ to accelerate Africa’s digital payments. The event focused on building infrastructure, and interoperability with a focus on consumers and small businesses with representatives from banks, fintech companies, telcos, regulators and technology partners.

Internet penetration in Africa is projected to grow at 20% annually. Mastercard wants to link ecosystems like Airtel Money, MTN Momo, Mixx by Yas and M-PESA to global payment rails and expand secure, interoperable digital solutions that support individuals and small and medium size enterprises.

West Africa is home to one of the world’s fastest growing fintech sectors. Nigeria alone accounted for 28% of all African fintech companies in 2024, attracting nearly $400 million in investment.