Mastercard Report Predicts AI Market in Africa to Reach $16.5 Billion by 2030, Emphasizing Responsible AI Adoption for Inclusive Growth.

Mastercard has released a whitepaper on the potential of AI in Africa, predicting a market growth from $4.5bn in 2025 to $16.5bn by 2030. The paper highlights AI's potential to transform industries such as agriculture, healthcare, education, energy, and finance, with the continent's unique demographics and mobile-first infrastructure positioning it as an active architect of the future. Mastercard emphasizes the need for investment in infrastructure, data, talent, and policy to unlock AI's full potential.

Mastercard has released a comprehensive whitepaper exploring the potential of artificial intelligence (AI) in Africa, projecting a significant market growth from $4.5 billion in 2025 to $16.5 billion by 2030 [1]. The report, titled "Harnessing the transformative power of AI in Africa," underscores the continent's unique demographics, mobile-first infrastructure, and entrepreneurial spirit as key drivers for AI adoption.

The whitepaper highlights the potential of AI to transform various sectors, including agriculture, healthcare, education, energy, and finance. According to the report, responsible and inclusive AI deployment can drive transformative outcomes and support inclusive growth across Africa. Mastercard emphasizes the need for investment in infrastructure, data, talent, and policy frameworks to unlock the full potential of AI.

Key regional progress highlighted in the whitepaper includes:

- South Africa: The country is emerging as a continental leader in AI investment, attracting USD 610 million in AI-focused venture capital in 2023. With a goal of reaching USD 3.7 billion in total investment by 2030, South Africa aims to develop up to 300 AI start-ups and train 5,000 AI professionals by 2030 [1].

- Kenya: Leveraging its "Silicon Savannah" status, Kenya is advancing as an AI innovation hub. The country has deployed AI across sectors such as health and finance, with platforms like Tala using mobile data for credit scoring and Jacaranda Health’s UlizaLlama chatbot providing maternal health support in local languages. The Kenyan government has launched a National AI Strategy (2025–2030) to establish the country as a regional leader in AI research and innovation [1].

- Nigeria: Ranking second in the number of AI start-ups on the continent, Nigeria secured USD 218 million in venture capital in 2023. The country is using AI to personalize learning and deliver microfinance services, with a projected AI market size of USD 1.4 billion by 2025 [1].

- Morocco: An emerging AI hub in North Africa, Morocco is advancing AI adoption across healthcare, energy, agriculture, and finance. Institutions such as Mohammed VI Polytechnic University and DeepEcho are driving local innovation, while the MoroccoAI Annual Conference shapes national dialogue on AI's future. The country’s Digital 2030 strategy aims to attract USD 1.1 billion in investment and create 240,000 digital jobs by 2030 [1].

Despite the progress, the report warns of potential challenges, including data fragmentation, language exclusion, and regulatory inconsistency, which could exacerbate the digital divide. Addressing these issues will be critical to ensuring AI contributes equitably to Africa’s digital and economic transformation.

The whitepaper concludes that strategic collaborations between governments, fintechs, and global partners will be essential in unlocking AI’s full potential in Africa. Mastercard’s commitment to building responsible, inclusive AI technologies underscores its dedication to innovation with integrity [1].

References:
[1] https://www.ainvest.com/news/africa-ai-market-surge-16-5-billion-2030-driven-sector-innovation-2508/