Mastercard has unveiled a new pan-African whitepaper spotlighting the transformative potential of artificial intelligence (AI) to accelerate inclusive economic growth across the continent.
Titled “Harnessing the Transformative Power of AI in Africa,” the report outlines how responsible AI deployment could unlock significant gains in sectors such as finance, education, healthcare, agriculture and energy. Based on regional case studies and expert insights, it also underscores the urgent need for investment in digital infrastructure, regulatory frameworks, and homegrown talent.
With Africa’s AI market expected to grow from USD 4.5 billion in 2025 to USD 16.5 billion by 2030, Mastercard’s whitepaper presents a compelling call for multi-stakeholder collaboration to ensure that AI development is both equitable and impactful.
“Africa’s engagement with AI is already reshaping lives—not just in labs, but on farms, in clinics and classrooms,” said Mark Elliott, Mastercard’s Division President for Africa. “To unlock its full potential, we need investment in infrastructure, data, talent, and policy. Responsible, locally rooted AI can connect more people to opportunity.”
Among its key projections, the report estimates that up to 230 million digital jobs could emerge in Sub-Saharan Africa by 2030—if ecosystems are strengthened to support innovation. AI-driven tools are also expected to expand access to financial services through enhanced credit scoring and fraud prevention mechanisms.
Greg Ulrich, Mastercard’s Chief AI and Data Officer, emphasized the importance of trust: “AI is only as powerful as the trust behind it. At Mastercard, we’re committed to building AI that’s responsible, inclusive, and designed to serve real people and communities.”
Regional Highlights
- South Africa leads the continent in data readiness and infrastructure, attracting USD 610 million in AI-focused venture capital in 2023. National goals aim to train 5,000 AI professionals and nurture 300 start-ups by 2030.
- Kenya, with its reputation as “Silicon Savannah,” has pioneered AI applications like mobile credit scoring through Tala and maternal healthcare chatbots like UlizaLlama. A National AI Strategy (2025–2030) is now in place to guide innovation and development.
- Nigeria ranks second in the number of AI startups continent-wide, securing USD 218 million in funding in 2023. AI applications are reshaping education, microfinance, and public sector transparency. The national AI market is projected to reach USD 1.4 billion by 2025.
- Morocco is establishing itself as North Africa’s AI hub, leveraging institutions like Mohammed VI Polytechnic University and initiatives like MoroccoAI. Its Digital 2030 strategy aims to create 240,000 digital jobs and attract USD 1.1 billion in investment.
Despite the momentum, the whitepaper warns that barriers such as fragmented data, language exclusion, and inconsistent regulation could hinder progress and widen the digital divide.
Mastercard calls for inclusive, African-led AI innovation—urging cooperation between governments, private sector actors, academia and international partners to harness AI for sustainable growth.
The report incorporates perspectives from UNESCO, the African Center for Economic Transformation, and leading African fintechs, offering a roadmap for the responsible and impactful deployment of AI across the continent.
