Mastercard has released a new whitepaper urging coordinated investment and responsible deployment of artificial intelligence (AI) in Africa, projecting that the continent’s AI market could soar from $4.5 billion in 2025 to $16.5 billion by 2030.

Titled Harnessing the Transformative Power of AI in Africa, the report outlines how AI can unlock economic opportunity, improve service delivery, and drive inclusive growth across key sectors like agriculture, healthcare, education, energy, and finance.

“Africa’s engagement with AI is already reshaping lives — not just in labs, but in farms, clinics and classrooms,” said Mark Elliott, Division President for Mastercard Africa. “To unlock its full potential, we need investment in infrastructure, data, talent, and policy.”

The whitepaper emphasizes that Africa’s mobile-first landscape, youthful population, and entrepreneurial spirit position it not only as a beneficiary, but as a future architect of AI-driven solutions.

Key takeaways include:

South Africa: Received $610 million in AI venture capital in 2023, with investment expected to reach $3.7 billion by 2030. The country leads the continent in data and infrastructure readiness and aims to develop 300 AI startups and train 5,000 professionals by the end of the decade.
Kenya: Leveraging its “Silicon Savannah” status, Kenya uses AI in credit scoring (Tala) and maternal health chatbots (UlizaLlama). Its newly launched National AI Strategy (2025–2030) aims to scale innovation and research.
Nigeria: Second only to South Africa in startup count, Nigeria attracted $218 million in AI-focused investment in 2023. It’s using AI for microfinance (Kudi.ai), education, and public sector accountability.
Morocco: Emerging as a North African hub with AI applications in healthcare, agriculture, and energy. The government’s Digital 2030 strategy targets $1.1 billion in digital investment and 240,000 new tech jobs.

While highlighting progress, the report also warns of challenges such as data fragmentation, language exclusion, and inconsistent regulation, which could hinder inclusive AI development.

Greg Ulrich, Mastercard’s Chief AI and Data Officer, emphasized trust and integrity: “This isn’t just innovation—it’s innovation with integrity.”

The whitepaper includes contributions from policymakers, fintech leaders, and global institutions like UNESCO and the African Center for Economic Transformation. It also outlines AI’s role in unlocking up to 230 million digital jobs in Africa by 2030.

To access the full report, visit Mastercard.com.