PawaPay, a UK-based fintech startup, has achieved a remarkable milestone in the African mobile payments landscape. With three billion transactions processed, the company has not only reached a significant number but also demonstrated an impressive growth trajectory. In just under nine months, PawaPay has doubled its daily transaction volume to five million payments, showcasing its rapid expansion and market penetration. This achievement is particularly notable given the competitive nature of the African mobile money market, which was valued at $1.4 trillion in 2025, according to the GSMA.
The company's success can be attributed to its innovative approach of connecting businesses to nearly 50 mobile operators across 20 African countries through a single API. This streamlined integration allows merchants to accept and disburse payments without the need for separate integrations for each market, making it easier for businesses to operate across multiple African countries. Since its launch in 2020, PawaPay has processed over €10 billion in payments, further emphasizing its impact on the region's financial landscape.
Jamie Steell, the company's Chief Operating Officer, highlights the consistent 20% year-on-year growth in mobile money as a key indicator of the industry's potential. This growth is fueled by a combination of demographic and technological factors, including a young and tech-savvy population, falling smartphone costs, cheaper internet access, and the rapid digitization of commerce. Steell's perspective underscores the importance of these factors in driving the adoption and expansion of mobile money services across Africa.
The shift in mobile money usage from person-to-person transfers and remittances to business-to-business transactions is another significant trend. The GSMA reports that merchant payments are the fastest-growing use case, rising by 42% year-on-year to $155 billion in 2025. This change reflects the increasing role of mobile money in facilitating business operations and financial transactions across multiple African markets.
However, despite the rising transaction volumes, mobile money remains primarily a payments tool rather than a store of value. Most users still cash out funds rather than keeping money within the mobile money ecosystems. According to the GSMA, cash remains the dominant method for entering and exiting mobile money networks, although transfers between banks and mobile wallets are becoming more common.
PawaPay's network growth is strongest in Ghana, Tanzania, Cameroon, and Uganda, which aligns with the GSMA's data showing that East Africa accounted for three-quarters of global merchant payment growth in 2025. The company's focus on expanding its presence across Africa, including its interest in Nigeria, is a strategic move to capitalize on the market's potential. However, Nigeria's payment landscape is distinct, dominated by fintech-led wallets rather than telecom operator-led services that are prevalent in other African countries.
In conclusion, PawaPay's achievement of three billion transactions is a testament to the growing importance of mobile money in Africa. While the industry continues to evolve, with a focus on transforming mobile money wallets into primary financial accounts, the future looks promising for both users and businesses. As the market matures, the potential for further growth and innovation in the African mobile payments sector is immense, offering exciting opportunities for both local and international players.
