PawaPay, the African payments company backed by Nigerian Afrobeats star and entrepreneur Oluwatosin “Mr Eazi” Ajibade, has secured a payment service provider licence from the Bank of Mozambique, opening the door to direct merchant onboarding in one of Africa’s most active mobile money markets. The approval brings the company’s footprint to 24 African markets.

The licence was granted through PawaPay’s local subsidiary, Quidexplus Mozambique, allowing the company to provide regulated payment services and connect businesses to the mobile money networks used by consumers across the country. The move gives merchants a new route to accept digital payments as Mozambique’s mobile money ecosystem continues to expand.

Mozambique opens a new growth front

“Mozambique is one of those fascinating markets that from day one showed massive potential and huge volume,” said Nikolai Barnwell, PawaPay’s CEO. He said the company was looking forward to bringing more merchants to customers in the country, where mobile money has become an important channel for everyday transactions.

Mozambique has more than 12 million active mobile money accounts across three operators: M-Pesa, operated by Vodacom; E-Mola, operated by Movitel; and mKesh, operated by Tmcel. PawaPay’s licence positions it to connect businesses directly with these established networks, potentially widening access to digital payments for merchants serving the local market.

Licence targets merchant payment gaps

Ilídio Matchebe, PawaPay’s Mozambique country director, said the market had long demonstrated strong mobile money activity but lacked reliable infrastructure for merchants seeking to operate at scale. He said the regulatory approval would allow the company to onboard businesses directly and connect them with the operators their customers already use.

The approval also gives PawaPay an entry point into a market where the presence of multiple mobile money providers creates opportunities for payment platforms that can simplify transactions across networks. By connecting merchants with existing services, PawaPay aims to make digital payments easier to accept across sectors that depend on efficient collections and disbursements.

Mr Eazi’s investment backs expansion

Founded in 2020, PawaPay has built its business around payment infrastructure connecting companies to mobile money services across African markets. Mr Eazi invested in the company in 2021 through his investment vehicle, Zagadat Capital GH Ltd., backing its expansion as digital payments gained traction among businesses and consumers across the continent.

PawaPay processes about 7 million transactions daily for customers in sectors including ride-hailing, remittances, retail and nongovernmental organisations. The company has processed more than 3.5 billion transactions and reported €14 billion ($15.64 billion) in settled payments, alongside a net promoter score of 91.3, a measure of customer willingness to recommend its services.