Mark Elliott’s journey spans continents, from his formative years in India and the UK to his current role as Division President, Africa, at Mastercard. Having lived, studied, and worked around the world, Elliott is now based in South Africa and brings a dynamic perspective to the exciting challenges of Africa’s digital economy.
If you imagine a dynamic leader driving both the macro and microeconomic growth across Africa, Mark Elliott checks all the boxes. His journey began at age 10 when he moved to India, with subsequent schooling and development in London, India, and Hong Kong. This global upbringing nurtured his early love for football and travel, meeting new people, and experiencing diverse cultures. Add to that a passion for numbers, a French wife with a shared love for adventure, and three children, and Elliott is a perfect fit for his current role as the Division President for Africa at Mastercard.
The one surprising element in his journey was his decision to become a Chartered Accountant (CA). Many might picture a CA as someone focused on numbers, hunched over spreadsheets. However, it was this very financial discipline and intuition that helped Elliott hone his skills to be the leader he is today.
“I became a CA because I believed it would give me the foundations to be able to understand what makes different businesses ‘tick’ and a skillset that would allow me to explore different pathways. Now, as Division President for Africa, I oversee our regional strategy, focused on expanding payment solutions and extending our services to drive financial inclusion scale in small and medium enterprises and improve the consumer payment experience” says Elliott.
“I am passionate about driving financial inclusion in locally relevant ways. Our work with digital tools allows people, communities, and businesses to participate in the formal economy, fostering growth and prosperity. By enabling consumers and micro enterprises to digitise their transactions—and eventually switch from cash—we are opening doors to greater opportunities,” he adds.
With around 60% of the population still unbanked, the shift towards digitization is becoming a powerful catalyst for financial inclusion. Technology is enabling Africa to leapfrog into the digital era, and with Mastercard’s long-term commitment, the continent is poised for tremendous growth. As it currently stands, Africa is the world’s second fastest-growing payments and banking market and is embracing digital payments at an unprecedented rate.
“We are here for the long haul,” he states. “Our goal globally is to bring 1 billion individuals and 50 million micro and small merchants to the digital economy by 2025, and Africa will be a significant contributor.”
Mastercard’s Commitment
Mastercard has been particularly successful in empowering female entrepreneurs, with a focus on connecting 25 million women by 2025—a goal they reached two years ahead of schedule, in 2023. Elliott proudly shares this achievement: “We set ambitious goals because we know the potential Africa holds.”
“The potential in Africa is immense, and as the continent prepares to become the fastest-growing region by 2030, we’re seeing foundational shifts in key sectors like infrastructure and energy. Banks are positioning themselves for significant GDP growth, which signals transformative changes ahead across the continent,” he says.
Africa’s informal, cash-based economy, which accounts for 60% of jobs, limits businesses’ access to capital. Mastercard is addressing this challenge through solutions like SimplyBlu, a partnership with Standard Bank in South Africa. This platform helps small businesses transition into the digital world with ease, offering a one-stop shop to create an online store and accept electronic payments. “It’s the first service of its kind offered by a financial institution in South Africa,” Elliott explains.
SimplyBlu–powered by Simplify Commerce, helps small businesses cross the ‘digital divide’ and enter the world of electronic trading. It provides businesses with a ‘one-stop shop’, including being able to easily set up an online store with billing facilities and ability to accept a range of payments.
“Mastercard’s enduring success is built on our commitment to innovation, inclusion, and collaboration. By consistently delivering cutting-edge solutions that meet the evolving needs of consumers, businesses, and governments, we have created a brand that is trusted worldwide. Our focus is on enabling a more inclusive, sustainable, digital economy that benefits everyone, everywhere,” adds Elliott.
Innovating for the Future:
Mastercard’s innovations in Africa extend far beyond payments. The company is focused on digital innovation that drives financial inclusion across the continent. Elliott highlights Mastercard StartPath, a platform designed to help fintechs scale by providing them access to Mastercard’s global network, building the future of commerce. Another example is Paycode, a biometric smart card that increases access to essential services in remote African communities, advancing economic and financial inclusion.
“The challenge for Africa is to elevate SMEs to a level where they can build sustainable, commercial businesses. Take, for example, a farmer transitioning from subsistence to a commercial scale. The ripple effect of that on the broader economy can be profound. I have seen this transformation unfold over time, and the impact is truly remarkable,” Elliott adds.
Mastercard’s innovations include giving micro, small and medium-sizes businesses (SMEs) in Nigeria a card that has a QR code and this is making a major change in terms of increasing business through broadening their payments ecosystem. . “This is just the beginning, and the potential for growth across Africa is immense,” he adds.
Mastercard Impact:
Elliott highlights how Mastercard is making significant inroads into a vital sector of Africa’s economy. “About 60% of the continent’s workforce is engaged in agriculture, but much of that is limited to subsistence agriculture. The real opportunity for broader Africa is to take that subsistence farming to a more commercial level,” Elliott explains.
To foster this growth, Mastercard has developed Community Pass, a digital interoperable platform that allows farmers to sign up via SMS and sell their crops directly to buyers, effectively eliminating middlemen.
“It also provides a channel for agri-providers to sell their support services through the harvesting period, but most importantly, it creates a data link for banks to make informed lending decisions. Currently, credit meets only 3% of the demand across the continent, and while regulators are supportive, ultimately banks need data to lend more responsibly. Community Pass helps address that gap,” says Elliott. “We’ve already certified 5.5 million farmers globally and over 3 million farmers in Africa on the platform, and I see this initiative as a way to make a real impact at scale across Africa.”
In collaboration with partners like the African Development Bank, Mastercard is also working on new initiatives, which Elliott believes have the potential to be true game changers.
Leadership Philosophy:
Elliott believes that effective leadership lies in empowering diverse teams across the continent to perform at their best. “I see my role as enabling our highly talented team to reimagine what is possible and achieve audacious goals. In an ever-evolving payments landscape with new opportunities appearing daily we need to ruthlessly prioritise and double down our investments where it makes sense.”
In today’s fast-paced world, innovation presents a significant challenge for most companies, with short innovation cycles leaving little room for hesitation. Elliott believes the secret lies in taking thoughtful risks and surrounding oneself with the right people. “It is crucial for leaders to build a team of individuals who don’t look like us, speak like us, or share the same experiences as us. I believe that my team compliments my strengths, just as I compliment theirs. At Mastercard, our mantra is ‘doing well by doing good’, and we truly believe that it is possible to make a positive impact on the world while ensuring commercial success.”
Over a decade ago, Elliott and his executive team recognised that the rise of SMEs and the rapid pace of digitalization demanded a shift in their approach and they needed intellectual diversity. This meant recruiting talent from various industries to bring in fresh perspectives.
“This diversity of thought and experience helps us truly understand our customers’ needs, engage in meaningful conversations, and better serve them,” Elliott explains.
Priceless Experiences:
Mastercard has transitioned from a payment card only company to a technology business. Elliott comments, “Over a short period, supported by mergers and acquisitions, we have become a technology company where our focus is on selling services and solutions alongside our products. We are continuously deepening our offering to our customers so that they can offer more value to their consumers and deliver simple, safe and secure payment experiences.
Part of the brand’s success has been its innovative and engaging focus on creating ‘Priceless’ experiences, grabbing the attention and hearts of a global audience. For Elliott, Mastercard’s iconic Priceless campaign holds personal significance. “Priceless, to me, is about creating experiences that money can’t buy. It’s about being present for those special moments, whether it’s watching a football match with family or having deep conversations around the dinner table. I love the multi-sensorial connections we are able to build through Priceless, bringing experiences that connect us as humans on a global scale,” he says.
Elliott finds that creating these priceless moments, both in his work and family life, helps him maintain balance. “A strong team allows me to focus on the bigger picture, and the time spent with my family is what keeps me grounded and energised.”
Mentorship and Balance:
Elliott believes that mentors play a critical role in developing anyone’s career, but that it isn’t necessarily about having one or two mentors who are “all-knowing”. In his experience, mentors come and go as your situations and challenges change and in tune with your personal and professional growth. “Mentorship is something that evolves as our needs change with time, experience, and personal growth,” he says.
With the vast responsibilities of leading Mastercard’s operations across Africa, Elliott’s workload could easily become overwhelming. However, he has learned the importance of balance. “A lot of it comes down to selecting the right team. Without the right team, you end up getting pulled into tasks that prevent you from focusing on the bigger picture. It’s ok to ‘zoom in’, and have that attention to detail, to resolve an issue or enable an opportunity, but it is very important that you can then ‘zoom out’. You need to be able to think strategically about what the business needs and where it’s headed,” Elliott reflects. “Having a strong team is what helps me sleep at night,” he adds with a smile.
Maintaining balance also allows Elliott to enjoy life’s priceless moments, like spending quality time with his family. “We’re an expatriate family, and we emphasize open communication. Understanding each other’s needs means that when we spend time together, we truly enjoy it. My biggest reward is the conversations we have around the dinner table after a meal—those moments of laughter and connection help me relax.”
Knowing his family is in a good place gives Elliott the energy to tackle each new day with purpose. And for him, there’s only one way to describe that feeling: Priceless.
