Africa’s AI Market Set to Top $16.5B by 2030, Mastercard Reports Growth at 27% Annually

A new report by Mastercard has revealed that Africa’s artificial intelligence (AI) market is on track to quadruple in size to over $16.5 billion by 2030, driven by rapid adoption across finance, agriculture, healthcare, and e-commerce. The sector is projected to grow at an impressive compound annual growth rate (CAGR) of 27%, making it one of the fastest-expanding technology markets on the continent.

Mastercard notes that AI is quickly shifting from being a futuristic concept to a practical driver of economic growth. In particular, African fintechs are using AI to detect fraud, expand credit access, and power digital payments, while agritech startups are applying machine learning to improve yields and tackle food security challenges.

Healthcare is also emerging as a major use case, with AI being deployed in telemedicine platforms and disease detection models to close gaps in medical access. According to the report, these innovations could significantly reduce inefficiencies and broaden inclusion.

However, Mastercard’s study highlights critical challenges, particularly around infrastructure, policy, and workforce skills. While Africa is making strides in AI adoption, the continent currently holds less than 1% of the world’s AI talent, limiting its ability to scale solutions.

“AI presents an unparalleled opportunity for Africa’s digital transformation. But to capture its full potential, both private and public sector players must address infrastructure gaps and invest in skills development,” said Mark Elliott, Division President at Mastercard, Sub-Saharan Africa.

The report suggests that if these barriers are addressed, Africa’s AI market could become a global benchmark for inclusive, sustainable innovation — unlocking new opportunities for millions of people.