Mastercard: Collaboration, InvestmentWill Help Africa Achieve Projected$16.5bn AI Market

Emma Okonji

Mastercard has released its latest whitepaper that harnesses the transformative power of Artificial Intelligence (AI) in Africa, a pan-African study of the continent’s readiness, opportunity and roadmap for responsible AI adoption.

The whitepaper provides detailed insights into how AI, if deployed responsibly and inclusively, can unlock transformative outcomes across the continent’s major industries, including agriculture, healthcare, education, energy and finance.

With Africa’s AI market projected to grow from $4.5 billion in 2025 to $16.5 billion by 2030 according to a recent report from Statista, the report presents a clear case for multi-stakeholder collaboration and investment. It highlights how Africa’s unique demographics, mobile-first infrastructure and entrepreneurial spirit position it as an active architect of the future.

Commenting on the report, Division President, Africa at Mastercard, Mark Elliott, said: “Africa’s engagement with AI is already reshaping lives, not just in labs, but in farms, clinics and classrooms. To unlock its full potential, we need investment in infrastructure, data, talent, and policy. AtMastercard, we believe responsible, locally rooted AI can drive inclusive growth and connect more people to opportunity.”

The whitepaper outlined the potential positive impact of AI on digital infrastructure, policy and governance, research and development, local language processing and investment intoAfrica. It also explores how AI can accelerate job creation, with up to 230 million digital jobs projected by 2030, and increase access to formal finance through AI-enabled credit scoring and fraud prevention.

Chief AI and Data Officer at Mastercard, Greg Ulrich, said: “AI is only as powerful as the trust behind it. At Mastercard, we’re committed to building AI that’s responsible, inclusive, and built to bring value to our customers, partners and employees. This isn’t just innovation—it’s innovation with integrity.”

The whitepaper highlighted regional development in AI, in countries like Nigeria, South Africa, Kenya, and Morocco.

According to the whitepaper, Nigeria ranks second in the number of AI startups in Africa and secured $218 million in VC investment in 2023. As one of Africa’s most dynamic AI ecosystems, Nigeria is using AI to personalise learning (Rising Academies), deliver microfinance via Kudi.ai, and strengthen governance with AI tools that monitor public fund allocation. “With a $1.4 billion projected AI market size by 2025, the government’s proactive approach, combined with growing private-sector innovation, suggests promising growth in AI applications, the report said.

Nigeria’s AI sector is experiencing significant growth, with projections indicating a 27.08 per cent annual increase in the AI market between 2025 and 2030. The growth is fueled by a thriving startup ecosystem and increasing adoption across various sectors, including healthcare, agriculture, and finance. 

The whitepaper said South Africa attracted $610 million in AI-focused venture capital in 2023, with total AI investment expected to reach $3.7 billion by 2030. With the highest data and infrastructure readiness in Africa, the country is solidifying its role as a continental leader in AI research and application. It is home to the Artificial Intelligence Institute of South Africa, which serves as a gateway for students and professionals to access world-class education, research and industry news. National plans aim to develop up to 300 AI start-ups and train5,000 AI professionals by 2030, creating the foundation for a vibrant, homegrown AI ecosystem, the report said. .

According to the report, Kenya, an emerging leader in AI innovation, has leveraged its ‘Silicon Savannah’ status to securely deploy AI across sectors. “Platforms like Tala use mobile data for credit scoring, while Jacaranda Health’s UlizaLlama, an AI-powered chatbot, provides maternal health support in five local languages. The newly launched National AI Strategy (2025–2030) outlines the government’s commitment to positioning Kenya as a regional leader in AI research and development, innovation and commercialization for socioeconomic development,” the report said.

About Morocco, which is an emerging AI hub in North Africa, the report explains that Morocco is advancing AI adoption acrosshealthcare, energy, agriculture, and finance. Institutions such as Mohammed VI PolytechnicUniversity and DeepEcho are driving local innovation, while the MoroccoAI AnnualConference is shaping national dialogue on the future of AI. “Under its Digital 2030 strategy,Morocco aims to attract $1.1 billion in investment and create 240,000 digital jobs by2030,” the report said.

However, despite the progress in these regions, the whitepaper warns that data fragmentation, languageexclusion and regulatory inconsistency could deepen the digital divide.

“Harnessing the potential of AI in Africa will be instrumental in accelerating financial inclusionand driving the continent’s digital and economic growth. Strategic collaborations betweengovernments, fintechs, and global partners will be key to unlocking AI’s full impact,” the whitepaper added.