Africa Hits 3 Billion Mobile Money Payments in 5 Years

Five million payments happen every single day across Africa through one company's payment network, and that number just doubled in less than a year.

PawaPay, a fintech founded in 2020, hit 3 billion mobile money transactions this month after processing its latest billion in just nine months. The UK-based company connects businesses to nearly 50 mobile operators across 20 African countries through a single system, making it easier for merchants to accept and send payments without building separate connections for each market.

The speed tells a bigger story about Africa's digital transformation. Mobile money transaction volumes are growing 20% year over year, fueled by a young population, cheaper smartphones, and rapidly expanding internet access.

"There is a digital environment growth that is happening, and that is driving growth of all our merchants," said Jamie Steell, the company's chief operating officer. Since launch, PawaPay has processed more than $11.6 billion in total payments.

For two decades, mobile money in Africa meant mostly person-to-person transfers and remittances. Today, businesses are driving the fastest growth, using mobile money to collect customer payments and pay out funds across multiple countries.

Merchant payments jumped 42% globally last year to reach $155 billion, according to GSMA, the telecom industry body. Monthly active merchants rose by 59% in 2025 alone.

The strongest growth on PawaPay's network comes from Ghana, Tanzania, Cameroon, and Uganda. East Africa accounted for roughly three-quarters of global merchant payment growth in 2025.

The Ripple Effect

The shift from cash exchanges to digital business payments is creating new economic opportunities across the continent. Small businesses can now accept payments from customers in neighboring countries without complex banking infrastructure.

The next evolution could be even bigger. Right now, most users still cash out their mobile money instead of keeping funds in digital wallets. Steell believes that will change as more use cases emerge, from merchant payments to savings and investments.

"In five years, mobile money wallets have to become where the money goes into and stays there," he said. When that happens, the entire ecosystem could grow exponentially as money circulates digitally rather than flowing back to cash.

The company is eyeing expansion into Nigeria, Africa's largest economy, where mobile money works differently than telecom-led services in Kenya or Tanzania. Fintech wallets dominate Nigeria's market, which processed $13.5 billion in the first quarter of 2025 alone.

Digital payments are no longer just a convenience in Africa. They're becoming the foundation for how businesses operate and grow across borders.