A new MasterCard report has predicted that Africa’s AI economy will more than triple in five years, reaching $16.5 billion by 2030 from $4.5 billion in 2025.
The whitepaper by the global payments technology company, with a presence in over 50 African countries, identifies responsible adoption, stronger data infrastructure, and aggressive skills development as the three pillars that will determine who benefits.
Mark Elliott, division president for Africa at MasterCard, emphasised that Africa stands at an inflection point, where smart technologies have the potential to make a real difference in people’s lives.
He likened AI’s potential to the continent’s leap into mobile money, which bypassed traditional banking infrastructure and brought millions into the financial system.
“Digital innovation, particularly AI, can drive real change on the ground by empowering communities and building a future where everyone participates in the new economy,” Elliott said.
The in-depth study flags several African frontrunners in AI adoption. South Africa tops the list, blending advanced infrastructure with strong research capabilities. It points out that Kenya is making strides with practical AI solutions, from credit scoring to healthcare services in local languages.
Nigeria’s vibrant start-up scene also gets a strong mention for attracting significant venture capital, while Morocco’s strong push in healthcare, agriculture, and energy, underpinned by bold national digital strategies, is another key driver.
Elliott stressed that success depends on powering electricity access, digitisation, and ensuring AI is fuelled by diverse, high-quality local data.
He added that inclusive transformation needs everyone involved, from small businesses to large corporations, policymakers, and communities. “The only good AI is responsible AI,” said Elliot.
Greg Ulrich, MasterCard’s chief AI and data officer, said Africa’s relationship with technology is one of active innovation, pointing to mobile payments as a homegrown success.
“AI is accelerating this transformation, reshaping how people live, work, and connect,” he said. Ulrich described MasterCard’s fraud detection systems, trained in cities like Lagos, Nairobi, and Johannesburg, as proof that global expertise and local talent can combine to deliver secure, real-time services.
He also cautioned that with scale comes responsibility. “Trust is earned, one transaction at a time,” Ulrich said.
He believes that with one of the world’s youngest populations, Africa’s next challenge is turning strategy into delivery, building infrastructure, nurturing talent, and ensuring AI lifts all communities.
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