PawaPay, a UK-based fintech firm focused on African markets, has processed three billion mobile money transactions, with the most recent billion achieved in under nine months. The company now handles five million daily payments, double its previous volume. Founded in 2020, PawaPay connects businesses to nearly 50 mobile operators across 20 African countries via a single API, enabling merchants to accept and disburse payments without building individual integrations for each market. Since launch, it has facilitated over €10 billion ($11.63 billion) in transaction value. Jamie Steell, PawaPay's chief operating officer, said mobile money is growing consistently by about 20% year on year, driven by a young population, cheaper smartphones, lower internet costs, and the digitisation of commerce. While mobile money initially gained traction through person-to-person transfers, businesses now represent a rising share of usage, particularly for cross-border payments and merchant transactions. According to GSMA, global mobile money transaction value reached over $2.1 trillion in 2025, with merchant payments growing 42% year-on-year to $155 billion. Monthly active merchants increased by 59% that year. Despite growth, mobile money remains primarily a payments tool, with most users cashing out rather than storing funds. Cash remains the main method for moving money into and out of mobile wallets, though bank-to-wallet transfers are becoming more common. Steell predicts that mobile money wallets will evolve into primary financial accounts within five years, holding funds for uses like savings and investments. The strongest transaction growth on PawaPay's network is in Ghana, Tanzania, Cameroon and Uganda, matching GSMA data showing East Africa accounted for about 75% of global merchant payment growth in 2025. In Nigeria, mobile money transaction value hit ₦20.71 trillion ($13.49 billion) in the first quarter of 2025, but the market is dominated by fintech-led platforms like OPay and PalmPay rather than telecom-led services prevalent in other African countries. PawaPay is considering expanding its operations in Nigeria.
PawaPay celebrates a surge in transaction volume while acknowledging most users still treat mobile money as a cash conduit, not a financial hub. The company's growth relies on infrastructure built for instant payouts, not long-term engagement. If wallets remain temporary stops for funds, the vision of mobile money as a full financial ecosystem stays out of reach. Nigeria's dominance by fintech apps over telco systems adds complexity to any one-size-fits-all projection.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
