The digital payments economy in Nigeria and other African countries is projected to hit $1.5tn by the end of this decade, driven by improved internet penetration and financial inclusion rate.
This estimate was indicated in the Mastercard-commissioned report by Genesis Analytics, which was made available to The PUNCH on Tuesday.
According to the report, Africa’s digital transformation is underpinned by rapid advancements in internet penetration and financial inclusion, two of the fastest-growing enablers of digital payments across the continent.
Internet penetration in Africa is projected to grow at a compound annual rate of 20 per cent, while financial inclusion is set to expand at six per cent per year.
The report also indicated that the trends signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
To support this projection, Mastercard said that it would continue to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
