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 rapid growth is a testament to the increasing adoption of mobile money across Africa, a trend that is reshaping the continent's financial landscape.
The mobile money economy in Africa is already substantial, valued at $1.4 trillion in 2025, and it is closely linked to financial inclusion and cash exchange. However, the narrative is shifting. Businesses are increasingly leveraging mobile money for various purposes, including payment collection, customer payments, and cross-market operations. PawaPay's success highlights this evolving trend, as it connects businesses to nearly 50 mobile operators across 20 African countries through a single API, streamlining payment processes.
Jamie Steell, PawaPay's Chief Operating Officer, attributes the growth to a combination of demographic and technological factors. A young and growing population, declining smartphone costs, cheaper internet access, and the rapid digitization of commerce are all contributing to the expansion of mobile money usage. This digital environment growth is driving the onboarding of new merchants onto PawaPay's platform, further fueling its success.
Historically, mobile money growth has been driven by person-to-person transfers and remittances. However, the landscape is changing. Today, a significant portion of mobile money activity is generated by businesses using it for payment collection and disbursement across multiple African markets. The global mobile money market saw over $2.1 trillion in transactions in 2025, with merchant payments emerging as the fastest-growing use case, rising by 42% year-on-year to $155 billion, according to GSMA.
The shift towards merchant payments is evident in the rise of monthly active merchants, which increased by 59% in 2025. Yet, despite the growing 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 the mobile money ecosystems. Cash remains the dominant method for entering and exiting mobile money networks, although transfers between banks and mobile wallets are becoming more common.
Steell envisions a future where mobile money wallets become primary financial accounts. He predicts that within five years, mobile money will become the primary destination for funds, with merchants, savings, and investments all playing a role. This shift will lead to exponential growth in the ecosystem. The strongest growth on PawaPay's network is currently observed in Ghana, Tanzania, Cameroon, and Uganda, which aligns with GSMA's data showing that East Africa accounted for three-quarters of global merchant payment growth in 2025.
PawaPay's focus on expanding its presence across Africa is evident in its interest in Nigeria, a huge market. However, the company's approach in Nigeria differs from other sub-Saharan African countries due to the unique local payment methods. Mobile money in Nigeria is distinct from Kenya, Tanzania, and Uganda, where telecom operator-led services dominate.
In conclusion, PawaPay's achievement of three billion transactions is a significant milestone in the African mobile payments sector. It underscores the growing trend of businesses embracing mobile money for various financial operations. As the industry continues to evolve, the potential for mobile money to become a primary financial account is immense, promising a future of exponential growth and financial inclusion across Africa.
