Africa’s financial infrastructure did not evolve like Europe’s or North America’s. In many respects, it leapfrogged legacy models altogether.
Across much of the continent, mobile money, not cards, is the primary payments infrastructure. Instant payment volumes across the continent have grown at an average rate of 35% annually since 2020, and mobile money volumes now exceed 80 billion transactions per year. Financial inclusion has expanded rapidly over the past decade, bringing millions into formal commerce for the first time.
Consumers who were previously cash-bound can now pay for pretty much everything directly from their phones.
As Africa’s digital economy accelerates toward a projected $1.5 trillion by 2030, the question is no longer whether African consumers can participate in the digital economy. They already do. The real question is whether this infrastructure can support enterprise-scale trade without creating new systemic risks.
When transactions increase from thousands to millions, payments stop being a growth feature and start becoming critical infrastructure. At that point, clarity becomes essential: knowing whether a payment has succeeded, when funds will settle, and who is responsible when something goes wrong.
At low volumes, ambiguity is manageable. At scale, it becomes costly.
Consider a customer who authorises a payment and is debited, but the business never receives confirmation. Goods cannot be released, and trust is instantly damaged. The stakes are higher in time-sensitive contexts such as transport, food delivery, or credit repayment, where delayed confirmation creates immediate friction. At scale, these failures translate directly into lost revenue and reputational damage. Across the continent, unresolved or failed transactions cost businesses billions annually.
These frictions are not edge cases. They are structural symptoms of a system still moving from consumer-scale adoption to enterprise-grade infrastructure.
As payment flows become more interconnected across banks, mobile money operators, and fintech platforms, small breaks also stop being isolated issues. A delayed confirmation or a missing status update doesn’t just affect a single transaction or one single customer; it creates uncertainty across reconciliation, customer experience, and cash flow.
At scale, that uncertainty compounds. Across multiple payment channels, it becomes harder to determine where a payment failed, who holds the funds, and how quickly it can be recovered. That complexity is greater still in a cross-border context, where siloed regulatory frameworks add further uncertainty to how the individual payment channels interact with one another across different markets.
The result is a hidden tax on growth, one that increases with volume. Not because payments are failing more often, but because the cost of not knowing increases.
Building for resilience is not about eliminating failure; it’s about making failure visible, attributable, and recoverable within defined timelines. That is what separates infrastructure that can support enterprise-scale trade from systems that simply process transactions at scale.
The first phase of African fintech prioritised speed and access, connecting consumers and businesses to digital rails at scale. That mission has largely been accomplished. Now those same businesses are moving into higher-value, cross-border trade. Africa and the Middle East’s B2B payments markets alone are projected to reach $162 billion by 2033.
The next phase demands operational certainty: systems that deliver finality, liquidity, and resilience robust enough for enterprise growth. Access to financial systems has unlocked participation. But it is reliability that will determine who can scale. This is particularly true in today’s environment, where regulatory scrutiny is tightening, and enforcement is catching up with transaction volume. Businesses built on opaque or heavily intermediated structures may find it harder to sustain enterprise growth.
Over time, I’ve seen that three attributes increasingly define infrastructure built for this scale.
First, transaction certainty. Businesses need visibility over every payment, from initiation to final settlement. Not every transaction will succeed; that is a reality of any payment system. But uncertainty about what happened to a customer’s money erodes trust faster than failure itself. Volume does not break payment systems. Ambiguity does. When providers cannot give real-time status, clear settlement timelines, and proper exception handling, merchants carry the risk and the cost as they grow.
Second, compliance depth. Licencing should be treated as an infrastructure, not administration. Direct regulatory engagement and meaningful local authorisation reduce reliance on intermediaries, lower structural risk, and demonstrate long-term commitment to safeguarding funds.
Third, platform resilience. Uptime should be a technical metric that reflects architectural discipline. In fragmented markets, downstream failures are inevitable. Systems built to anticipate those failures and reconcile them in near real time are the ones capable of supporting enterprise-grade volume.
The next phase will be quieter but more demanding, managing complexity to ensure every transaction resolves with certainty. When payments disappear from everyday conversation, that is when they are working. Good payments are invisible; not because they are simple, but because someone else is managing the complexity.
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Jamie Steell is the Chief Operating Officer at pawaPay, where he has helped build and scale one of Africa’s leading mobile money payment platforms. His background spans high-growth fintech and multinational regulated environments, including senior roles at betPawa, Sportech PLC, and KPMG.
