PawaPay, a UK-based fintech startup, has achieved a remarkable feat in the mobile payments sector, processing a staggering three billion mobile money transactions. This achievement is even more impressive considering that PawaPay reached its latest billion in less than nine months, showcasing an incredible growth rate. The company's success is a testament to the growing trend of businesses utilizing mobile money for various financial activities, including payments, customer transactions, and cross-market operations.
The mobile money economy in Africa is a thriving ecosystem, with a value of $1.4 trillion in 2025, as reported by GSMA. This sector has long been associated with financial inclusion and cash exchange, but its evolution is evident in the increasing use of mobile money for business operations. PawaPay's single API integration, connecting businesses to nearly 50 mobile operators across 20 African countries, is a significant factor in its success. This approach simplifies the process of accepting and disbursing payments, making it easier for merchants to navigate multiple markets.
Jamie Steell, PawaPay's Chief Operating Officer, attributes the growth in mobile money to a combination of demographic and technological factors. A young and tech-savvy population, declining smartphone costs, affordable internet access, and the rapid digitization of commerce are all contributing to the expansion of the digital environment. This environment, in turn, drives the growth of merchants adopting mobile payment solutions.
Historically, mobile money growth was driven by person-to-person transfers and remittances. However, the landscape is shifting, with a growing share of activity now coming from businesses using mobile money for various financial transactions. In 2025, over $2.1 trillion flowed through mobile money globally, with merchant payments emerging as the fastest-growing use case, rising by 42% year-on-year to $155 billion, according to GSMA.
The trend of merchants offering mobile money as a payment channel is evident, with monthly active merchants rising by 59% in 2025. Yet, 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 the mobile money ecosystems.
According to GSMA, cash was the dominant method for funds to enter and leave mobile money networks in 2025, although transfers between banks and mobile wallets are becoming more common. Steell envisions a future where mobile money wallets become primary financial accounts, with users treating them as a place to store and grow their money. This shift would lead to exponential growth in the ecosystem, as merchants, savings, and investments become integral parts of the mobile money experience.
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 is also considering expanding its presence in Nigeria, a significant market, despite not yet operating as a full aggregator in the country.
While mobile money transaction volumes in Nigeria reached ₦20.71 trillion ($13.49 billion) in the first quarter of 2025, the market is dominated by fintech-led wallets like OPay and PalmPay. Steell highlights the difference in local payment methods between Nigeria and other sub-Saharan African countries, emphasizing that mobile money in Nigeria is distinct from its counterparts in Kenya, Tanzania, and Uganda.
In conclusion, PawaPay's achievement of three billion transactions is a significant milestone in the mobile payments industry, reflecting the growing trend of businesses leveraging mobile money for various financial activities. The future of mobile money in Africa looks promising, with the potential to become a primary financial account for users, leading to exponential growth in the ecosystem.
