In recent years, Africa has struggled to attract the necessary capital to strengthen its technology sector. However, upcoming investments are expected to further bridge the digital divide across the continent.

U.S. payments giant Mastercard (MA.N) and the African Development Bank (AfDB) announced a wide-ranging partnership on Friday to bring digital access to 100 million people and businesses across Africa over the next decade.

The initiative, dubbed the Mobilizing Access to the Digital Economy (MADE) Alliance: Africa, was unveiled during the U.S.-Africa Business Forum hosted by the U.S. Chamber of Commerce.

"Across Africa, people are driving new growth and opportunity, and Mastercard wants to support their success," said Michael Miebach, Mastercard CEO. "This Alliance builds on the innovations and investments we are already making with partners in 45 countries to enhance Africa’s digital infrastructure and accelerate inclusive growth."

The AfDB will dedicate $300 million to support the alliance's programs. These funds will be used to bolster digital infrastructure and incentivize ecosystem players to improve digital access. Mastercard, in turn, will focus on registering 15 million users on its Community Pass platform within five years. To achieve this, they will develop interoperable digital infrastructure to facilitate participation from various stakeholders within the digital ecosystem.

The initial phase of the project will prioritize the agricultural sector and empower women. A pilot program launching this year will target three million farmers in Kenya, Tanzania, and Nigeria. Working with local banks, the program will provide these farmers with digital identities and access to high-quality seeds and agricultural inputs. The alliance plans to expand its reach to Uganda, Ethiopia, Ghana, and other African regions.

This project aligns with the digital innovation investments announced by U.S. Vice President Kamala Harris during the forum. These initiatives aim to provide large-scale digital access across Africa, a move that comes amidst a decline in foreign investment on the continent. According to the United Nations, foreign direct investment in Africa dropped from $80 billion in 2021 to $45 billion in 2022.

Samira Njoya