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Dr. Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa at Mastercard Speaks to partnerships, inclusion, and Mastercard’s regional impact.
Africa’s digital payments economy is projected to reach $1.5 trillion by 2030. What opportunities does this present for businesses and consumers?
Africa’s projected $1.5 trillion digital payments economy presents marks a turning point—one that holds immense potential for both businesses and consumers alike. For businesses, particularly MSMEs, which contribute over 50% of Africa’s GDP, this shift means reduced reliance on cash, greater operational efficiency and improved transparency.
With nearly 90% of retail transactions in Sub-Saharan Africa still cash-based (World Bank), the transition to digital payments opens new pathways to scale, formalize, and access essential financial services.
For consumers, digital payments offer more convenience, security and financial access. With just a mobile device, individuals can pay bills, shop online or send and receive money, particularly in underserved areas where traditional banking infrastructure is limited or non-existent.
At Mastercard, we are enabling this shift by collaborating with telecom and fintech companies access real-time, secure, and inclusive payment solutions. With internet penetration growing as much as 20% and financial inclusion by 6% annually, our collaborations with MTN in 13 markets and Airtel’s virtual card are making seamless digital commerce a reality.
We are also scaling impact through the MADE Alliance with the African Development Bank, aiming to reach 100 million individuals and businesses over the next decade, including 15 million in Africa within five years. Africa’s digital payments growth is a game-changer for financial access, unlocking economic potential, empowering entrepreneurs and driving inclusive, sustainable development at scale.
Mastercard has been a long-standing technology partner in Africa. What specific investments and innovations are being made to drive digital transformation?
Mastercard is focused on inclusive, scalable innovations to expand digital access and unlock economic potential. In Nigeria, we have introduced solutions like Tap on Phone, QR Pay-by-Link and Payment Links, allowing small businesses to easily accept payments using just a smartphone.
Our partnership with Alerzo and the e-Trade Alliance is digitizing 10,000 MSMEs by integrating payments with inventory tools and micro-lending. We also support local innovation through Start Path, helping fintech companies like Hello Tractor scale agricultural tech that connects farmers to tractor services digitally.
With NetPlus, we’re reducing cash reliance in e-commerce, while Product Express speeds up fintech go-to-market timelines from months to weeks. Globally, Mastercard has connected over 870 million people and 48 million small businesses to the digital economy, placing us firmly on track to reach our 2025 goal of one billion people and 50 million small businesses.
What is the impact of the Mobilizing Access to the Digital Economy (MADE) Alliance, and why is it significant?
The MADE Alliance is a strategic effort by Mastercard and the African Development Bank to extend digital access to 100 million individuals and businesses across Africa over the next 10 years.
The program focuses on informal sectors like agriculture, where smallholder farmers face limited access to finance and markets. Using Community Pass, Mastercard provides these farmers with digital identities and access to essential tools and services. In phase one, MADE will digitize 3 million farmers in Nigeria, Kenya and Tanzania, as part of a $300 million commitment.
The initiative also addresses women’s inclusion. Although women contribute nearly 40% of Africa’s crop production labor, they face limited access to land, training and credit. MADE helps bridge this gap by equipping women with financial tools and services that support their economic empowerment.
MADE exemplifies how public-private collaboration can create inclusive, scalable solutions to persistent development challenges.
How is Mastercard supporting SMEs with digital tools that build resilience?
SMEs are the backbone of Africa’s economy. In Nigeria, they account for 96% of businesses, contributing nearly 48% of GDP and employing 84% of the workforce. Yet, many remain excluded from formal financial systems.
Mastercard is addressing this through tailored digital solutions like Tap on Phone and SME-in-a-Box which help small merchants accept payments and manage operations with ease.
Beyond technology, Mastercard has entered a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand access to digital tools, financial training and services for small businesses across Nigeria. Additionally, partnerships with platforms such as Omniretail and Duplo combine payments with financial literacy, credit access and data insight, helping SMEs grow sustainably.
Our solutions are designed to enable fintech companies to launch SME-focused offerings faster and at lower cost. By investing in tech and strategic alliances, we’re helping SMEs overcome barriers and thrive in a digital-first economy.
How is Mastercard simplifying cross-border payments for African businesses and individuals?
We’re making cross-border payments faster, safer and more inclusive through strategic partnerships and digital tools.
In Nigeria, our partnership with Fidelity Bank to launch Fidelity Send, enables near-instant transfers to over 60 countries. Access Africa, through our partnership with Access Bank, supports remittances to 150 countries, connecting families and boosting inclusion.
We’re also scaling mobile payment innovations. With MTN, customers can link mobile wallets to Mastercard’s virtual payment tools for seamless transactions. In partnership with Airtel Money in Nigeria, Uganda and Rwanda, allowing users to shop and pay online with ease.
These innovations remove barriers to trade, expand financial access, and fuel Africa’s digital economy.
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