According to Mastercard, increased access to mobile technology, the world’s youngest population, a growing middle class, e-commerce trends, the adoption of digital payments, and the advent of fintechs are driving the rapid expansion and change of Africa’s payments.
A forecast from Boston Consulting Group and QED Investors predicted that the African fintech sector will reach $65 billion by 2030.
MasterCard’s heightened focus on the African market comes on the heels of the acquisition of a minority stake in MTN Group’s fintech unit for a cash-and-debt-free enterprise valuation of around $5.2 billion.
