Mastercard Predicts Explosive Growth in Africa’s AI Sector

Africa’s artificial intelligence (AI) market is set to expand dramatically, reaching an estimated $16.5 billion by 2030, according to a new whitepaper released by Mastercard. The study, Harnessing the Transformative Power of AI in Africa, highlights the continent’s readiness, opportunities, and challenges in adopting AI responsibly and inclusively.

The report emphasizes AI’s potential to transform key industries such as healthcare, education, agriculture, energy, and finance, while also projecting the creation of up to 230 million digital jobs in Sub-Saharan Africa by 2030. However, it warns that infrastructure gaps, regulatory inconsistencies, and shortages in local talent remain significant obstacles.

Mark Elliott, Mastercard’s Division President for Africa, noted that AI is already changing lives beyond laboratories, from farms to classrooms. He stressed the need for greater investment in infrastructure, policy, and talent to fully unlock its benefits. Similarly, Mastercard’s Chief AI and Data Officer, Greg Ulrich, underlined the importance of building trust-driven, responsible AI solutions.

The report draws insights from experts and policymakers across Kenya, Nigeria, South Africa, and Morocco. South Africa leads in AI funding and infrastructure readiness, with plans to build 300 start-ups and train 5,000 professionals by 2030. Kenya is leveraging its “Silicon Savannah” ecosystem, Nigeria is emerging as a major AI hub with rising investment in start-ups, and Morocco is positioning itself as a North African innovation center through its Digital 2030 strategy.

The whitepaper concludes that collaboration between governments, private sector players, and global partners will be crucial to harnessing AI for inclusive growth and digital transformation across Africa.