Mastercard Has Expanded Digital Payments Across Africa
The company launched new infrastructure to lower remittance costs and connect fragmented financial systems.
Updated on Sept. 30, 2026 in Africa
Live Poll
Do you trust that new digital payment platforms make your financial transactions safer and more affordable?
Mastercard has developed a new payment infrastructure designed to facilitate secure, cross-border digital transactions throughout Africa. The initiative aims to reduce high transfer fees that currently drive many users toward informal and risky money transfer methods.
Why it matters
High costs for moving money across borders remain a significant barrier for many on the continent. By connecting siloed payment landscapes, this infrastructure seeks to improve transaction speed, security, and cost-efficiency for millions of users.
Remittance flows into Africa reached $104 billion in 2024, while the Mastercard Move platform now connects more than 17 billion endpoints across 200 countries. Mastercard Move currently supports transactions in 150 different currencies.
The players
Mastercard
Mastercard is a global technology company in the payments industry that connects consumers, financial institutions, and governments.
FNB Globba
FNB Globba is a financial service entity that is collaborating with Mastercard to improve international payment capabilities.
The details
Mastercard collaborated with FNB Globba to enable international payments for South Africans, addressing a market where 90% of SMEs have already adopted digital payments. The platform aims to bridge gaps between fragmented payment systems to ensure faster access to revenue and more seamless supplier interactions.
Timeline
Remittance flows into Africa reached $104 billion during 2024.
The average cost of remittances to Africa was 6.7% in mid-2024.
Africa is expected to reach a $1.5 trillion digital economy by 2030.
The continent projects a $712 billion digital economy contribution by 2050.
Travel Outlook
This development aligns with the UN Sustainable Development Goal remittance target, which aims to lower transaction costs to 3%. It marks a critical step toward integrating African markets into the global financial system and moving closer to established international cost-efficiency benchmarks.
Travelers and business owners can expect more streamlined options for moving funds across borders as these systems integrate. Reduced fees and faster processing times will likely lower the cost of international services and remittances for those operating within the African digital economy.
The takeaway
The growth of digital payment infrastructure is essential for unlocking the continent's projected $1.5 trillion digital economy by 2030. Readers should monitor these developments as they indicate a broader shift toward formal, lower-cost financial services in emerging markets.
Further reading
Learn more about the evolving landscape of travel and trade on the Africa section page.
Live Poll
Do you trust that new digital payment platforms make your financial transactions safer and more affordable?
