PawaPay, a UK-based fintech company, has achieved a remarkable milestone in the African mobile payments landscape. With three billion mobile money transactions processed, PawaPay has not only doubled its daily transaction volume to five million payments but also reached this feat in less than nine months. This impressive growth highlights the increasing trend of businesses leveraging mobile money for payments, payments, and cross-market operations in Africa.
The African mobile money economy, valued at $1.4 trillion in 2025, has long been associated with financial inclusion and cash exchange. However, the landscape is evolving. Mobile money is now being utilized for various purposes, including payment collection, customer payments, and operations across multiple markets. PawaPay's achievement provides a glimpse into this growing trend.
Founded in 2020, PawaPay connects businesses to nearly 50 mobile operators across 20 African countries through a single API. This enables merchants to accept and disburse payments without the need for separate integrations for each market. Since its launch, PawaPay has processed over €10 billion in payments, showcasing its significant impact on the African fintech industry.
Jamie Steell, PawaPay's Chief Operating Officer, attributes the company's success to a combination of demographic and technological factors. A young population, falling smartphone costs, cheaper internet access, and the rapid digitization of commerce are driving the growth of mobile money in Africa. Steell highlights the digital environment's growth as a catalyst for the expansion of merchants onto PawaPay's platform.
Historically, mobile money growth has been fueled by person-to-person transfers and remittances. However, there is a notable shift towards businesses using mobile money for payments. In 2025, over $2.1 trillion flowed through mobile money globally, with merchant payments experiencing the fastest growth at $155 billion, according to GSMA. This trend is further supported by the rise in monthly active merchants by 59% in 2025.
Despite the increasing transaction volumes, mobile money remains primarily a payments tool rather than a store of value. Most users still opt to cash out funds rather than keep them within mobile money ecosystems. According to GSMA, cash remains the dominant method for entering and exiting mobile money networks in 2025, although transfers between banks and mobile wallets are becoming more common.
Steell envisions the next phase of growth in mobile money when users begin treating mobile money wallets as primary financial accounts. He predicts that in five years, mobile money wallets will become the primary destination for funds, with merchants, savings, and investments playing a significant role. This shift will lead to exponential growth in the mobile money ecosystem.
The strongest growth on PawaPay's network is currently observed in Ghana, Tanzania, Cameroon, and Uganda, aligning with GSMA's data. East Africa accounted for approximately three-quarters of global merchant payment growth in 2025. PawaPay aims to expand its presence across Africa, with a particular focus on Nigeria, despite the market's dominance by fintech-led wallets.
Steell acknowledges the differences in local payment methods between Nigeria and other sub-Saharan African countries. He emphasizes the importance of tailoring solutions to the unique characteristics of each market. As PawaPay considers expanding its operations in Nigeria, it highlights the potential for growth in this region.
