Mastercard launches $300m drive to empower three million African farmers, boost digital economy
…As digital payment economy set to reach $1.5trn by 2030
Mastercard has unveiled a $300 million initiative targeting three million farmers across Nigeria, Kenya, and Tanzania.
The investment, developed in partnership with the African Development Bank (AfDB), underscores Mastercard’s commitment to inclusive growth and financial empowerment on the continent.
Announced by Fola Shadefemi-Lawal, Mastercard’s Country Manager and Area Business Head for West Africa, the initiative aligns with the company’s global mission to connect one billion people to the digital economy by 2025—specifically supporting 50 million small businesses and 25 million female entrepreneurs.
“This is not just business for us, it’s about creating real value,” Shadefemi-Lawal stated during a recent interview on Channels Television.
“With deep investments in technology and strategic partnerships across banking, telecoms, government, and fintech, Mastercard is enabling access where it matters most.”
The ambitious effort comes as Africa’s digital payments market is projected to reach $1.5 trillion by 2030, according to a Mastercard-commissioned report by Genesis Analytics.
The surge is driven by factors such as a 20 per cent annual rise in internet penetration and the continent hosting nine of the world’s 20 fastest-growing economies.
Beyond investment, Mastercard is innovating to bridge access gaps in rural areas. Through collaborations with mobile OS provider KaiOS, the company is enabling low-cost feature phones to act as payment tools, bypassing the need for expensive point-of-sale systems.
Technologies like tap-on-phone and QR code payments are further transforming how small businesses engage in cross-border commerce.
“Technology is our bridge to inclusion,” Shadefemi-Lawal said.
“It turns strategy into real impact for Africa’s micro, small and medium enterprises, farmers, and innovators.”
As Africa races toward digital economic transformation, Mastercard’s initiative is not just a financial investment, it is a catalyst reshaping the continent’s role in the global financial ecosystem, bringing inclusion, empowerment, and innovation to the forefront of sustainable development.
