According to Mastercard’s report titled “Harnessing the Transformative Power of AI in Africa”, the AI market in Africa is expected to exceed $16.5 billion by 2030.
During this period, it is also projected that digital employment opportunities for 230 million people could be created. The driving forces behind this growth are identified as the continent’s young population, mobile-first infrastructure, and strong entrepreneurial culture.
However, concerns remain that data fragmentation, language barriers, and regulatory misalignment could deepen the digital divide.
PARTNERSHIPS ESSENTIAL TO UNLOCK AI’S POTENTIAL
While AI is expected to play a crucial role in accelerating digital economic growth across the continent, the report emphasizes that realizing its full potential will require strong collaboration among governments, fintech companies, and global partners.
This transformation is already evident in several countries.
For example, South Africa, which boasts the most advanced data and infrastructure in Africa, attracted $610 million in AI venture capital investment in 2023. This figure is expected to reach $3.7 billion by 2030.
Kenya, also known as the “Silicon Savannah,” has successfully integrated AI across various sectors in a secure and structured manner. In Nigeria, AI is being used actively in areas such as microfinance, education, and governance.
Meanwhile, Morocco aims to generate 240,000 digital jobs and invest $1.1 billion through its “Digital 2030” strategy by the year 2030.